IFM, Vitol and VIP Take Joint Ownership of Vitol Tank Terminals International
Vitol Investment Partnership(VIP), an investment vehicle sponsored and managed by Vitol, and IFM Investors, a global provider of investment services to institutional investors, have agreed to acquire Buckeye Partners LP’s 50% equity interest in Vitol Tank Terminals International (VTTI), a leading global independent provider of energy storage.
On completion, VTTI will be owned 50% by IFM and 50% by Vitol and VIP. It will continue to be managed by an independent management team led by Rob Nijst, CEO.
The transaction is subject to certain conditions precedent and is expected to close by year end.
Rob Nijst, CEO VTTI says: “It has been a pleasure working with Buckeye over the last two years and we wish Buckeye the very best in its future endeavours. We are looking forward to astrengthened cooperation with IFM, Vitol and VIP, working together to further grow our global network of terminals”.
Vitol is an energy and commodities company; its primary business is the trading and distribution of energy products globally – it trades over seven million barrels per day of crude oil and products and, at any time, has 250 ships transporting its cargoes.
VTTI has storage facility in the USA, and a completely rejuvenated Soviet-era facility in Russia, said the company.