Vitol has bought out its partner MISC’s 50% stake in the energy terminal network VTTI for $830m.
VTTI’s assets include interests in a broad-based portfolio of terminals located throughout the world with a combined total storage capacity of 54m barrels including assets under construction.
The move comes at a time where MISC’s parent Petronas is reviewing all its assets with a view to a more consolidated organisation, which may well see Petronas hive off MISC’s FPSOs to fellow Malaysian firm, Bumi Armada, local media reported today.