Malaysia’s MISC has sold its 50% stake in bulk liquid storage terminal operator VTTI to VIP Terminals Finance for $830m.
VTTI was a joint venture between MISC and Vitol, of which VIP Terminals Finance is a subsidiary.
MISC says it plans to focus on its core businesses, “as well as undertake opportunistic acquisitions or investments for future growth”.
“For MISC, this divestment will enable us to unlock the value of our investment in VTTI and take advantage of future opportunities within our core business of energy and petroleum-related shipping,” Yee Yang Chien, president and CEO of MISC, said in a statement today.
Ian Taylor, president & CEO of Vitol said, “Looking forward, we are very excited by VTTI’s future potential. The management team, led by Rob [Nijst, VTTI’s CEO], has successfully grown and developed the business worldwide. Today, VTTI has total gross storage capacity of 54m 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.”