Oil trader Vitol’s investment arm has acquired MISC Bhd’s 50% share in VTTI BV for $830 million.
Vitol already owns 50% of VTTI BV and the company will continue to operate as an independent, standalone company under the leadership of CEO Rob Nijst.
Nijst says: ‘Since inception, we have developed an independent storage company supported by the financial strength and market insight offered by Vitol. We are confident that the proposition to our range of customers and our asset footprint will continue to improve and grow.’
President and CEO of Vitol Ian Taylor adds: ‘Looking forward, we are very excited by VTTI BV’s future potential. The management team, led by Rob, has successfully grown and developed the business worldwide – today VTTI BV has total gross storage capacity of 54 million barrels, including assets under construction.
‘The terminals have an excellent HSE record and are structured and managed to accommodate the demanding requirements of the energy trading community.’
VTTI operates terminals in 11 countries with a combined total capacity of 8.7 million m3.