(EnergyAsia, August 22 2015, Saturday) — Swiss trading giant Vitol Group will fully own a Malaysian oil storage terminal after completing the US$830 million purchase of its local partner’s 50% share later this year.
MISC Berhad, which had acquired its stake in VTTI B.V. from Vitol for US$735 million in May 2010, said it plans to focus on its core business to ship energy and petroleum goods.
VIP Terminals Finance B.V., a Vitol company, will own the Tanjung Bin terminal in Johor state that started up in 2012.
Yee Yang Chien, MISC’s President and CEO, said: “This divestment will enable us to unlock the value of our investment in VTTI B.V. and take advantage of future opportunities within our core business of energy and petroleum related shipping.
Rob Nijst, VTTI’s CEO, 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.”
Incorporated in the Netherlands in 2006, VTTI provides oil storage facilities and services through its network of terminals and refineries in 11 countries around the world including the Amsterdam-Rotterdam-Antwerp region, Fujairah in United Arab Emirates, Ventspils in Latvia, Tanjung Bin in Johor, Malaysia and Port Canaveral in Florida, US.