Vitol today announced that it had agreed to acquire an 85,000 barrels per day condensate splitter in Rotterdam from Koch Supply & Trading BV for an undisclosed sum, subject to the relevant regulatory approvals.
Russell Hardy, CEO EMEA Vitol said: “The splitter is a well-run asset in a good strategic location at the heart of Rotterdam’s oil and petchem industry. Its acquisition will enhance our offering to our customers across the region.”
Frans Pettinga, president, Koch Supply & Trading said: “We are pleased to have reached this agreement with Vitol. We believe this transaction will allow us to focus our capital and capabilities in areas where we see the best alignment with our global trading strategy.”
The asset will be acquired by Vitol subsidiary Vitol Refining Group BV. Staff based at the asset will transfer to Vitol.
Simmons & Company International, Energy Specialists of Piper Jaffray, served as exclusive financial advisor to Koch Supply & Trading in connection with the transaction.
Vitol is an energy and commodities company; its primary business is the trading and distribution of energy products globally – it trades over seven million barrels per day of crude oil and products and, at any time, has 250 ships transporting its cargoes.
Vitol’s clients include national oil companies, multinationals, leading industrial and chemical companies and the world’s largest airlines. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including: circa 15.9mm3 of storage across six continents, 390kbpd of refining capacity and 3,000 service stations across Africa, Australia and in Northwest Europe. Revenues in 2016 were $152 billion.
For further information about Vitol:
+44 (0) 207 973 4230
For further information about Koch:
Koch Communications Marketing