ADNOC to Buy 10 Percent Stake in VTTI
The Abu Dhabi National Oil Company (ADNOC) revealed on the 7th August that it will acquire a ten percent equity stake in global storage terminal owner and operator VTTI BV.
Following the transaction, VTTI will be owned ten percent by ADNOC, 45 percent by IFM Global Infrastructure Fund (IFM GIF) and 45 percent by Vitol.
“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,” Sultan Ahmed Al Jaber, UAE minister of state and ADNOC group CEO, said in a company statement.
“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,” he added.
Rob Nijst, CEO of VTTI, said, “this exciting development is testament to the professionalism and dedication of our VTTI colleagues.
“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,” he added.
In February, ADNOC announced that it was building “the world’s largest single underground project ever awarded for oil storage” in the Emirate of Fujairah on the eastern coast of the United Arab Emirates.
In a company statement at the time, Al Jaber said, “construction of the world’s largest single underground project ever awarded for oil storage will enhance the UAE’s energy security”.
Source: Rigzone