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VTTI sells 10% stake in ETT

Terminal operator sells stake in Rotterdam terminal to SK Energy International.





Updated on 12 Jul 2010 13:16 GMT

Vitol Tank Terminals International (VTTI) has announced that it has sold a 10 percent stake in its Rotterdam Europoort terminal, Euro Tank Terminal BV (ETT), to SK Energy International, a 100 percent subsidiary of SK Energy, based in Singapore.

Rob Nijst, CEO of VTTI, said “We are pleased to have concluded this sale with SK Energy International. As a customer at ETT, we have always enjoyed a close working relationship with SK Energy International. Now that they are an equity partner, this relationship will become even closer, to our mutual benefit.”

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 of oil products.

The third phase of development will provide an additional 465,000 cubic metres of storage and will be completed by the end of 2011.

Last month VTTI announced that it had acquired additional, adjoining land and facilities at Euro Tank Terminal BV.

The purchase from EVET BV, an affiliated company of De Rijke Group, gave the Rotterdam terminal access to rail and truck loading facilities, more land, the capability to store low flash products, as well as barge jetties and warehouse capacity.

Speaking at the time, Rob Nijst said “Our ambition is to grow the Rotterdam terminal to over 1 million cubic metres of storage, with state of the art facilities, that provide customers with what they want, to the highest safety and environmental standards."






Related Links:

VTTI announces Rotterdam expansion
MISC acquires 50 percent of VTTI
Vitol enters into JV to build Malaysia terminal
Vitol reaches tank storage 'milestone'
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