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ADNOC acquires stake in owner of storage terminals in 14 countries world-wide

August 15/2019

MOSCOW (MRC) -- The Abu Dhabi National Oil Company (ADNOC) announced a strategic investment in global storage terminal owner and operator VTTI BV (VTTI), said Hydrocarbonprocessing.

As part of this agreement, ADNOC will acquire a 10% equity stake in VTTI. Following the transaction, VTTI will be owned 10% by ADNOC, 45% by IFM Global Infrastructure Fund (IFM GIF), an investment vehicle managed by IFM Investors, and 45% by Vitol (both directly and through Vitol Investment Partnership II Ltd, an investment vehicle sponsored and managed by Vitol).

VTTI is an independent global owner of 15 hydrocarbon storage terminals across 14 different countries. The VTTI storage network holds around 60 million barrels (9.5 million m3) of combined storage capacity, much of which is in locations that are complementary to ADNOCs trade flows.

The investment in VTTI provides ADNOC access to storage capabilities across some of its key export markets such as Asia, Africa and Europe while also securing additional facilities at the port of Fujairah, UAE, its main storage hub. This transaction also significantly contributes to the development and growth of ADNOCs global marketing, supply and trading platforms, providing greater access to knowledge and capabilities that will further enable ADNOCs growth plans.

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 ADNOCs integrated global trading platform while also delivering a solid financial return. VTTIs 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 ADNOCs transformation into a more integrated and commercially-minded global energy player," H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO said.

He added: As one of Fujairahs largest storage operators, VTTI is a natural partner for ADNOC. This investment further strengthens ADNOCs strategic position in Fujairah and supports the continued development of Fujairah as a strategic hub for our operations.

By expanding its international storage capabilities and reach, ADNOC will move closer to its customers, allowing it to be more agile and respond quickly to market needs and dynamics. It will also unlock incremental revenue, margin and cost saving opportunities from the trading, transportation and storage of its products, giving ADNOC better control over where, when and how its products are being supplied to key markets and customers.
Author:Anna Larionova
Category:General News
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