The Vitol Group (“Vitol”) today announced the completion of the sale and purchase transaction whereby the MISC Berhad (“MISC”) wholly owned subsidiary, MTTI Sdn Bhd (“MTTI”), acquires 50% of the shares in VTTI B.V. (“VTTI”), previously a wholly-owned subsidiary of Vitol, for a price of US $ 839 million.
VTTI owns and operates a network of petroleum product terminals with a gross combined capacity of nearly 6 million cubic metres, with 11 terminals, worldwide.
Mr Ian Taylor, President and CEO of Vitol, said “We are pleased to have completed this transaction, following the signing of the Sales and Purchase agreement in Kuala Lumpur on May 17th this year.
In partnership with MISC and facilitated by the euros 500 million facility that we signed today with a consortium of banks, we can now proceed with our ambitious growth plans for VTTI. Our aim is to create one of the world’s leading storage and terminal companies, with facilities located in key markets and at major shipping crossroads.”
MISC is a world leading international maritime corporation and one of the top five shipping companies in the world by market capitalisation. The company provides energy transportation solutions to customers in the LNG, petroleum and chemical industry. MISC owns and operates more than 100 vessels with a combined tonnage of more than eight million deadweight tonnes, trading in various corners of the globe. Through its wholly-owned subsidiary AET, MISC is also the world’s largest owner-operator of Aframax tankers, counting among its customers leading oil majors.
Further details on the MISC Group can be found at www.misc.com.my
For further media enquiries for the MISC Group, please contact:
Mdm. Fiona Clare Pereira, General Manager
Corporate Affairs Department
Tel: 03-2275 2701
Fax: 03-2275 2888