Vitol, ADNOC-backed VTTI acquires 90% of Fujairah terminal in expansion push
22nd November 2021 07:54 GMT

VTTI, the storage and refinery company operating in the UAE’s eastern emirate of Fujairah and backed by the Vitol Group and the Abu Dhabi National Oil Co., has acquired a 90% stake in a terminal in the world’s third biggest bunkering hub.

VTTI bought 90% of IL&FS Prime Terminals in Fujairah, which has 333,484 cu m in storage capacity, the company said in a Nov. 15 statement. The remainder will be held by the government of Fujairah, one of seven emirates that make up the UAE federation.

The transaction will “significantly expand” VTTI’s position in the port of Fujairah, it said in the statement. It didn't disclose the value of the deal.

VTTI didn't respond to a request for comment how much its storage capacity was before the deal.

VTTI, which is co-owned by Vitol, ADNOC and IFM, has more than 1.9 million cu m storage capacity in Fujairah, according to its website. It also manages and operates an 80,000 b/d refinery and has a crude jetty at the port of Fujairah.

In 2019, ADNOC acquired a 10% stake in VTTI as part of plans to expand its operations in Fujairah.


Platts ,
22nd November 2021 07:54 GMT