The Abu Dhabi National Oil Company (ADNOC) announced on Wednesday it is to acquire a 10 per cent stake in global storage terminal owner and operator VTTI BV (VTTI), which also has interests in Cyprus.
Following the transaction, VTTI will be owned 10 per cent by ADNOC, 45 per cent by IFM Global Infrastructure Fund (IFM GIF), an investment vehicle managed by IFM Investors, and 45 per cent 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.
According to a company announcement, the investment provides ADNOC with access to storage capabilities across some of its key export markets such as Asia, Africa and Europe.
“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 plans,” the company said.
VTTI’s terminal in Vassiliko near Limassol comprises 28 tanks and capacity of 545,000 m³. It offers access to a deep-water marine jetty as well as to road tanker loading facilities.