08AUG2019 - NEWS - Abu Dhabi’s ADNOC acquires stake in VTTI oil storage business

Abu Dhabi National Oil Co (ADNOC) said on Wednesday it will acquire a stake in VTTI, a Vitol-backed global energy storage company, as part of the state-run UAE energy firm’s transformation drive and its expansion into oil trading.

ADNOC will acquire a 10 per cent stake in VTTI, allowing it to secure storage in global export markets as well as at the port of Fujairah, a regional bunkering and storage hub in the United Arab Emirates.

Under the deal both Vitol and IFM Global Infrastructure Fund, an investment vehicle managed by IFM Investors, will each own a 45 per cent stake in VTTI.