Vitol completes buyout of oil terminal jv

Vitol completes buyout of oil terminal jv

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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