TankTerminals.com - Vitol sells 10% stake in Rotterdam terminal to SK Energy

Vitol sells 10% stake in Rotterdam terminal to SK Energy

July 7, 2010 [Opis] - Vitol Tank Terminals International (VTTI) said on Monday that it sold 10% of its equity in its Rotterdam, Europoort terminal, Euro Tank Terminal BV (ETT), in the Netherlands, to SK Energy International. SK Energy International is a 100% subsidiary of SK Energy, based in Singapore, and VTTI is a 50/50 joint venture between international shipping line, MISC Berhad, and the Vitol Group.

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 or 4.06 million bbl of oil products.
The third phase of development will add an additional 465,000 cubic metres or 2.92 million bbl of storage and will be completed by the end of 2011.
In May, Vitol Group sold a 50% share of its global oil products terminaling assets to a Malaysian shipping company for $735 million. MISC Berhad will receive a 50% share of VTTI, which owns and operates a network of petroleum products terminals with a gross combined capacity of nearly 6 million cubic meters or 37.738 million bbl, which is set to expand to more than 7 million cubic meters by 2013.

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Added to TankTerminals.com on: Wednesday, July 07, 2010 by Opis.

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