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.
A storage innovation pioneerOil price showing remarkable resilience A long road ahead A tipping point: what does climate action look like? The European green deal: changing the storage industry The storage outlook Simulation software: prevention with precision Managing the five stages of project grief Why it pays to line the inside of a storage tank Managing the entire construction lifecycle