Vitol Investment Partnership has agreed to MISC Berhad’s 50% shareholding in VTTI BV for cash consideration of US$830 million. VTTI BV will continue to be run as an independent, standalone company.
CEO of VTTI BV and VTTI Energy Partners, Rob Nijst, said: “Since inception, we have developed an independent storage company supported by the financial strength and market insight offered by Vitol, the world's largest independent energy trading company. We are confident that the proposition to our range of customers and our asset footprint will continue to improve and grow."
"MISC has been an excellent partner over the last five years and we have greatly enjoyed working with them. 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 bbl, 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,” said President and CEO of Vitol, Ian Taylor.
Yee Yang Chien, President/CEO of MISC, added: "It has been a great pleasure working with Vitol the past five years. We wish Vitol the very best in its future endeavours and we are confident that the good relationship we have will continue.”
Edited from press release by Angharad Lock
Read the article online at: https://www.lngindustry.com/lng-shipping/24082015/vitol-investment-partnership-acquires-shareholding-in-vtti-bv-1187/