World Point Terminals Inc has sold its European operations to Vitol Group for US$170,000,000 cash. The deal, which too effect on 31 September 2006, involved Vitol buying the shares of World Point's two European subsidiaries – Europoint Terminals Netherlands BV and Ronaco Holding BV.
The Europoint terminal facility is located in Amsterdam Harbour in the Netherlands and includes over 7.9 million barrels of liquid bulk storage capacity in 280 tanks. The facility is used mainly for storing and blending refined petroleum products.
Vitol Group is one of the world's largest physical oil trading companies, which has its main trading operation in Geneva, Switzerland, as well as interests in a number of oil terminal and exploration projects.