VTTI agrees the sale of a 10% stake of its Rotterdam terminal to SK Energy International
Today Vitol Tank Terminals International (VTTI) announced that it had sold 10% of an economic interest in its Rotterdam, Europoort terminal, Euro Tank Terminal BV (ETT), in the Netherlands, to SK Energy International, a 100% subsidiary of SK Energy, based in Singapore.
Rob Nijst, CEO of VTTI, said “We are pleased to have concluded this sale with SK Energy International. As a customer at ETT, we have always enjoyed a close working relationship with SK Energy International. Now that they are an equity partner, this relationship will become even closer, to our mutual benefit”
ETT is based in Rotterdam, one of the world’s busiest ports. The first two phases of its development are now complete, providing storage capacity for 645,000 cubic metres of oil products. The third phase of development will add an additional 465,000 cubic metres of storage and will be completed by the end of 2011.
VTTI Is a 50/50 joint venture between leading international shipping line, MISC Berhad (“MISC”) and the Vitol Group, one of the world’s largest independent energy trading companies. VTTI owns and operates a network of petroleum products terminals with a gross combined capacity of nearly 6 million cubic metres, which is set to expand to more than 8 million cubic metres by 2012. With interests spanning over 11 countries and 5 continents, VTTI is one of the top ten independent tank terminal operators in the world. Major terminals are located in Amsterdam and Rotterdam in the Netherlands, Fujairah in the UAE and Port Canaveral, Florida, USA.
About SK Energy
Founded in 1962 as Korea’s first oil refiner, SK Energy is one of the world’s leading energy and petrochemical companies with nearly 5,500 employees, KRW 35.82 trillion in sales and overseas branch offices and subsidiaries in 19 countries at the end of 2009. The company is strategically positioned as Korea’s largest and Asia’s fourth largest refiner with a refining capacity of 1.12 million barrels per day.
SK Energy’s leadership allows it to maintain competitive advantages in regional refining markets while penetrating new markets around the world through a diversified business portfolio. SK Energy’s rapid growth in its business sectors coupled with an expanding position in China has increased its global footprint and helped position it as one of the most significant enterprises in Asia Pacific’s energy marketplace.
The Vitol Group was founded in 1966 in Rotterdam, the Netherlands. Since then the company has grown significantly, to become a major participant in world energy markets and is now one of the world’s largest independent energy traders.
Its trading portfolio includes crude oil, oil products, LNG, natural gas, coal and power. Vitol trades with all the major national oil companies, the integrated oil majors, as well as the independent refiners and traders. Globally Vitol trades over 5.5 million barrels of crude oil and products on a daily basis.
In addition to its trading business, and its 50% share in the storage and terminals business, VTTI, Vitol has an exploration and production business which includes assets in Kazakhstan, Russia and Azerbaijan and a 40% share of the Galoc field in the Philippines.