Abu Dhabi energy giant ADNOC is partnering trader and shipowner Vitol in an oil storage terminal operation.
It has bought a 10% stake in VTTI, Vitol's joint venture with IFM Global Infrastructure Fund.
IFM and Vitol now have 45% each.
Vitol said VTTI continues to be managed by an independent management team led by CEO Rob Nijst.
It has 15 hydrocarbon storage terminals across 14 different countries, with about 60m barrels (9.5m cbm) of capacity, much of which is in locations that are complementary to ADNOC’s trade flows, Vitol added.
The investment gives ADNOC access to storage capabilities across some of its key export markets such as Asia, Africa and Europe, while also securing additional facilities at the port of Fujairah, UAE, its main storage hub.
Diverse portfolio
Sultan Ahmed Al Jaber, UAE minister of state and ADNOC Group CEO, said: “VTTI’s diverse portfolio of storage assets across key target markets such as Asia, Africa and Europe, provides us with direct access to our customers around the world, a key building block to accelerating ADNOC’s transformation into a more integrated and commercially-minded global energy player.”
Vitol also announced a new venture with ENH, the national oil company of Mozambique.
ENH Energy Trading will trade commodities like LNG, LPG and condensates, and will initially be owned 51% by ENH and 49% by Vitol.
"It is anticipated ENH’s share will increase over time," Vitol said.
The new company will be incorporated and based in Singapore.
