ADNOC buys stake in global storage firm

Abu Dhabi National Oil Co. has acquired a 10% interest in VTTI BV, which owns 15 hydrocarbon storage terminals in 14 countries with total capacity of 60 million bbl. Terms weren’t reported.

Abu Dhabi National Oil Co. has acquired a 10% interest in VTTI BV, which owns 15 hydrocarbon storage terminals in 14 countries with total capacity of 60 million bbl.

Terms weren’t reported.

Other VTTI interests now are IMF Global Infrastructure Fund and Vitol, 45% each.

VTTI’s terminals are in Asia, Africa, Europe, and Fujairah, where ADNOC has 8 million bbl of storage and is building underground storage with 42 million bbl of capacity (OGJ Online, Feb. 27, 2019).

ADNOC also has closed its $19.2-billion sale of interests in ADNOC Refining to OMV and ENI in a deal that creates ADNOC Global Trading, which will focus on trading ADNOC Refining products (OGJ Online, Jan. 28, 2019).

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