Malaysia-based international shipping company MISC has purchased 50% of Vitol Groups petroleum product terminal subsidiary VTTI for US$839 million (641.6 million).
VTTI owns and operates a network of petroleum product terminals with a gross combined capacity of nearly 6 million m3, with 11 terminals, worldwide.
In partnership with MISC and facilitated by the 500 million facility that we signed today with a consortium of banks, we can now proceed with our ambitious growth plans for VTTI. Our aim is to create one of the worlds leading storage and terminal companies, with facilities located in key markets and at major shipping crossroads, Ian Taylor, President and CEO of Vitol, comments.
Rotterdam, the Netherlands-based Vitol Group has grown significantly, to become a major participant in world energy markets and is now one of the worlds largest independent energy traders.
Its trading portfolio includes crude oil, oil products, LNG, natural gas, coal and power. Vitol trades with major national oil companies, the integrated oil majors, as well as the independent refiners and traders. Globally Vitol trades over 5.5 million barrels of crude oil and products on a daily basis.
MISC provides energy transportation solutions to customers in the LNG, petroleum and chemical industry.