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ADNOC to acquire 10% stake in oil storage terminal operator

The Abu Dhabi National Oil Co., or ADNOC, will acquire a 10% stake in storage terminal owner and operator Vitol Tank Terminals International B.V., according to an Aug. 7 news release.

IFM Global Infrastructure Fund and Vitol SA will hold an interest of 45% each in the terminal storage company.

VTTI owns 15 hydrocarbon storage terminals in 14 different countries. The VTTI storage network has around 60 million barrels of combined storage capacity, with most terminals placed in locations complementing ADNOC's trade flows.

The transaction will provide ADNOC access to storage capabilities in some of its key export markets such as Asia, Africa and Europe, while also securing additional facilities at the port of its main storage hub Fujairah, U.A.E.