ADNOC acquires 10% stake in hydrocarbon storage company VTTI

ADNOC acquires 10% stake in hydrocarbon storage company VTTI

9:26 AM, 8th August 2019
ADNOC acquires stake in VTTI, owner of storage terminals in 14 countries world-wide with 60 million barrels of capacity
Representatives from both the companies.

ABU DHABI, UAE: The Abu Dhabi National Oil Company (ADNOC) has acquired 10% equity stake in hydrocarbon storage terminal owner VTTI BV (VTTI).

Following the transaction, VTTI will be owned 10% by ADNOC, 45% by IFM Global Infrastructure Fund (IFM GIF) and 45% by Vitol.

VTTI is an independent global owner of 15 hydrocarbon storage terminals across 14 different countries. The VTTI storage network holds around 60 million barrels (9.5 million m3) of combined storage capacity, much of which is in locations that are complementary to ADNOC’s trade flows.

The investment in VTTI provides ADNOC access to storage capabilities across some of its key export markets such as Asia, Africa and Europe while also securing additional facilities at the port of Fujairah, UAE, its main storage hub.

This transaction also significantly contributes to the development and growth of ADNOC’s global marketing, supply and trading platforms, providing greater access to knowledge and capabilities that will further enable ADNOC’s growth .

VTTI will continue to be managed by an independent management team led by CEO Rob Nijst.

“We are delighted to be entering into this strategic investment opportunity in VTTI, alongside Vitol and IFM GIF, which will further complement the development of ADNOC’s integrated global trading platform while also delivering a solid financial return. VTTI’s diverse portfolio of storage assets across key target markets such as Asia, Africa and Europe, provides us with direct access to our customers around the world, a key building block to accelerating ADNOC’s transformation into a more integrated and commercially-minded global energy player,” said .E. Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO.

“This exciting development is testament to the professionalism and dedication of our VTTI colleagues. Since VTTI was founded 13 years ago, we have worked tirelessly to build a market-leading hydrocarbon storage company, capable of delivering the highest standards of service in key strategic locations. We are very pleased to have ADNOC as our new shareholder and look forward to benefiting from their regional expertise, working together to further grow our global network of terminals and supporting ADNOC’s trading and supply ambitions,” added Rob Nijst, CEO VTTI.

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