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ADNOC acquires stake in VTTI oil storage business

August 08/2019

MOSCOW (MRC) -- Abu Dhabi National Oil Company (ADNOC) said on Wednesday it will acquire a stake in VTTI, a Vitol-backed global energy storage company, as part of changes including expanding its oil trading operations, said Reuters.

ADNOC will acquire a 10% stake in VTTI, it said in a statement, allowing it to secure storage in global export markets as well as at the port of Fujairah, a regional bunkering and storage hub in the United Arab Emirates.

After the transaction is finalised, both Vitol and IFM Global Infrastructure Fund, an investment vehicle managed by IFM Investors, will each own a 45% stake in VTTI.

As MRC informed earlier, Eni and ADNOC, Abu Dhabis National Oil Company, said today they closed their strategic partnership, announced in January, through which Eni acquired a 20 percent equity interest in ADNOC refining.
Author:Anna Larionova
Tags:petroleum products, petrochemistry, ADNOC.
Category:General News
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