The operating and financial performance of VTTI further improved from its performance in the 2014 third quarter.
Additionally, VTTI Energy Partners’ performance exceeded its performance in the second quarter of 2015. Its total operating income for the third quarter was $39.7 million, compared to $25.1 million the same period the previous year. Adjusted EBITDA for the third quarter was $57.1 million.
The partnership acquired an additional 6.6% economic interest in VTTI Operating from VTTI MLP Partners.
CEO of VTTI Rob Nijst says: ‘Another strong quarter for VTTI, continuing the pattern of stable financial performance we have seen since our IPO last year.
‘Our business model is based on long-term structural trends, such as regional supply and demand imbalanced and global product demand growth, whilst our near-term cashflows are underpinned by the take-or-pay contracts we have in place for the vast majority of our capacity.
‘We are pleased to announce that the 1.6 million barrel expansion project in Malaysia has become operational and that the 2.7 million barrel expansion project in Fujairah is progressing well with operations expected to begin in mid-2016.
‘These assets further increase the existing dropdown inventory for the partnership from VTTI. We also continue to engage actively in the pursuit of both greenfield and brownfield opportunities for future potential acquisitions.’