UAE's oil giant ADNOC acquires 10-pct stake in global storage operator VTTI

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DUBAI, Aug. 7 (Xinhua) -- The Abu Dhabi National Oil Company (ADNOC), state oil company of the United Arab Emirates (UAE), on Wednesday announced a strategic investment in global storage terminal owner and operator VTTI, official news agency WAM reported.

ADNOC, as part of the agreement, will acquire a 10-percent equity stake in VTTI. After the transaction, VTTI will be owned 10 percent by ADNOC, 45 percent by IFM Global Infrastructure Fund, an investment vehicle managed by IFM investors, and 45 percent by energy trader Vitol.

VTTI is an independent global owner of 15 hydrocarbon storage terminals across 14 different countries. Its storage network holds around 60 million barrels of combined storage capacity.

"We are delighted to enter into this strategic investment opportunity in VTTI ... which will further complement the development of ADNOC's integrated global trading platform," Sultan Al Jaber, UAE Minister of State and ADNOC Group CEO, said in a statement.

In February 2019, ADNOC announced that it is building the world's largest single underground project for oil storage, with a capacity of 42 million barrels of crude oil, in the emirate of Fujairah on the east coast of the UAE. Enditem

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