Vitol has acquired 50% interest in the world’s largest asphalt trading, storage and transportation business.
Sargeant Marine comprises a global trading operation, which distributes asphalt to customers across the global as well as two terminals in Rotterdam and Constantza, Romania.
On completion of the interest acquisition for an undisclosed sum, it is expected that the new business will trade around 1.3 million metric tons of asphalt per annum, with hubs in Florida, London and Singapore.
It will also operate a fleet of 13 specialist vessels.
Daniel Sargeant, CEO of Sargeant Marine, says: ‘Our new partnership will enable our customers to continue to benefit from our specialist expertise, with the additional backing of the world’s leading energy trader.’
The transaction is expected to complete by the first quarter of 2016.