Vitol Tank Terminals International (VTTI) has sold 10% of its equity in its Rotterdam, Europoort terminal, Euro Tank Terminal (ETT), in the Netherlands, to SK Energy International, a 100% subsidiary of Korean energy and petrochemical SK Energy.
ETT is based in Rotterdam, one of the worlds busiest ports. The first two phases of its development are now complete, providing storage capacity for 645,000m3 of oil products. The third phase of development will add an additional 465,000m3 of storage and will be completed by the end of 2011.
VTTI Is a 50/50 joint venture between leading international shipping line, MISC Berhad (MISC) and the Vitol Group, one of the worlds largest independent energy trading companies. 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 8 million m3 by 2012.
With interests spanning over 11 countries and 5 continents, 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.
SK Energy is Koreas largest and Asias fourth largest refiner with a refining capacity of 1.12 million barrels per day.