Malaysian energy transportation company MISCs wholly-owned subsidiary MTTI has acquired 50% of the shares in Vitol Tank Terminals, a subsidiary of the Netherlands-based energy trader Vitol.
The price tag comes in at a cool $735 million (595 million).
VTTI owns and operates a network of petroleum products terminals with a gross combined capacity of nearly 6 million m3, which is set to expand to more than 7 million m3 by 2013.
VTTI is one of the top ten independent tank terminal operators in the world. Major terminals are located in Amsterdam and Rotterdam in the Netherlands, Fujairah in the UAE and Port Canaveral, Florida, US.
Today heralds a new era of growth for VTTI. With the joint backing of the Vitol Group and MISC, we can accelerate the development of VTTI into a world class storage and terminal company, Ian Taylor, president and CEO of the Vitol Group, comments. MISC was already a close business partner for Vitol and this agreement makes our partnership stronger, for the long term.
The signing sees MISC and Vitol build on their partnership in the tank terminal industry, a partnership that started in 2009 when MISC and its wholly owned subsidiary, MISC International entered into a joint venture agreement (JVA) with VTTI and VTTI Tanjung Bin S.A on 19 August 2009.
This JVA saw the incorporation of a joint venture company, Asia Tank Terminal Limited (ATTL), to hold 100% shares of ATT Tanjung Bin Sdn Bhd (ATB) and through ATB manage the construction, commissioning and operation of an oil blending terminal with a base capacity of approximately 841,000m3 at Tanjung Bin, Johor, Malaysia, which is scheduled to commence operations in 2012. The oil blending terminal has available land area to increase its total capacity to approximately 1.4 million m3.
