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MISC paying $735m for Vitol terminals stake

MISC paying $735m for Vitol terminals stake

Kuala Lumpur: MISC Bhd is taking a 50% stake in Vitol's terminal subsidiary VTTI for $735m as the Malaysian company seeks to develop its tank business. The deal to take a 50% in VTTI is subject to price adjustment and on completion of the transaction MISC and Vitol will enter in a shareholders agreement. VTTI owns and operates a network of petroleum products terminals of nearly 6m cu m in capacity, and set to expand to 7m cu m by 2013. Its major terminals are located in Amsterdam, Rotterdam, Fujairah and Port Canaveral. Amir Hamzah Azizan, president and ceo of MISC, said the deal marks yet another milestone in the development of the company in moving towards becoming the premier global energy-based transportation and logistics services provider. The acquisition of 50% interest in VTTI is a key element in developing the company's global tank terminal business, in line with its strategy to expand its service offerings across the value chain. "The pooling of resources and expertise resulting from this transaction will enhance MISC's capability to better meet the needs and demands of our customers, by providing them with integrated services in the form of logistics support, together with our core shipping operation," he said. [18/05/10]

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