Vitol has acquired a further 50% of VALT, the bitumen joint venture with Sargeant Marine.
Once complete, VALT with be 100% owned by Vitol and will be integrated into Vitol’s core trading business.
The acquisition will make Vitol a leader in the trading, storage and marine transportation of asphalt products globally, with a dedicated fleet of 11 specialised vessels. Volumes are around 1.4 million metric tonnes of asphalt per annum, managed from hubs in Asia, Europe, and the US.
The transaction, subject to conditions, is expected to close in the second quarter of 2019.