ADNOC Acquires 10% of VTI Storage Stations

The Abu Dhabi National Oil Company (ADNOC) has signed a strategic investment partnership agreement to acquire a 10% stake in VTTIB, the global owner and operator of storage facilities.
As a result of the agreement, the ownership of VTI will be split between ADNOC, 45% for the IFM Investors Global Infrastructure Investment Fund managed by IFM Investors and 45% for Vitol. Directly and also through Vitol Investments Partner 2 Ltd, the investment unit sponsored and managed by Vitol.
VTI is an independent global owner of 15 hydrocarbon storage stations in 14 countries, with a total storage capacity of about 60 million barrels (9.5 million cubic meters). Facilitate the flow of ADNOC products to the market.
This investment allows ADNOC to utilize VTI's storage capacity in a number of its major export markets and major shopping centers such as Asia, Africa and Africa. Europe, as well as secure additional facilities in the port of Fujairah, UAE, which is the main storage center of ADNOC.
Sultan Ahmed Al Jaber, Minister of State and Chief Executive Officer of ADNOC and its group of companies, said: "In line with management's direction to build smart partnerships and maximize value for the benefit of the UAE, ADNOC and its partners, we are delighted to conclude this partnership of strategic investment with VTI. Vitol and the IFM Global Infrastructure Investment Fund, which will promote the development of ADNOC's global integrated trading platform by generating significant economic returns, as well as the diversity of VTI's storage badet portfolio, will contribute to market creation. key. Targeted as an Oh, Africa and Europe, to facilitate the arrival directly and quickly to our customers around the world, and in a step that strengthens our efforts to establish a unique place for "ADNOC As a global player in the energy sector with a focus on trade and commercial products.
"As one of the largest storage facility operators in Fujairah, VTI is a natural partner for us.This cooperation will further strengthen the presence of ADNOC in Fujairah as a strategic site for our operations.
Rob Nest, President and CEO of VTI, said, "This agreement has been a significant development and demonstrates the commitment and professionalism of our team, and since its inception 13 years ago, VTI has been working with We are delighted to join ADNOC as a new partner and look forward to leveraging our regional expertise by working together to develop and expand our global network of factories and support ADNOC's ambition. trading and trading lotto derivatives See the supplies.