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Thu 12 Feb 2009, 08:03 GMT

Vitol sells stake in Fujairah storage facility


President says sale will allow the company to focus on the development of UAE refinery.

Vitol Group has announced that it has divested its 10 percent stake in Vopak Horizon Fujairah Limited (VHFL), a 1.5 million cubic metre oil storage facility in Fujairah, United Arab Emirates.

The stake has been acquired by VHFL's existing shareholders, which include Vopak, Horizon, the Government of Fujairah and IPG.

Vitol said the sale of its stake in VHFL will enable the company to strengthen its focus on its key strategic asset in the region, the Fujairah Refinery Company Limited (FRCL), which operates an 82,000 barrel per day refinery and a 461,000 cubic metre tank farm.

FRCL has major development plans in place, which include a 564,000 cubic metre expansion of the tank farm, refurbishment of existing refining units and the installation of more processing units.

"The transaction also allows Vitol to exit VHFL having achieved an attractive return on its original investment," the company said in a statement.

Ian Taylor [pictured], President and CEO of Vitol, commented: "Vitol has benefited significantly from its involvement in VHFL and we wish them continued business success. The sale will now allow us to focus fully on the expansion and development of the Fujairah Refinery Company and continue our work with the Government to promote the role of Fujairah in the regional and international energy markets."

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