Through this transaction, Buckeye will access VTTI's significant international footprint. VTTI is one of the largest independent global energy terminal businesses that, through its subsidiaries and partnership interests, owns and operates approximately 54 million barrels of petroleum product and crude oil storage capacity across 13 terminals located on five continents. VTTI Energy Partners LP began trading on the New York Stock Exchange as a master limited partnership on 1 August 2014.
Chris Bake, Chairman of VTTI said, "We look forward to partnering with Buckeye for the next phase of VTTI's future. Buckeye brings in a wealth of terminalling experience and knowledge which will further strengthen the strategic position of VTTI as we continue to invest in its growth."
Upon completion, Buckeye and Vitol will have equal Board representation and voting rights in VTTI. VTTI will continue to be run as an independent, standalone company under the leadership of CEO Rob Nijst.
Rob Nijst, CEO of VTTI said: "We are looking forward to our cooperation with Buckeye, and we believe that their industry expertise and experience will offer great value to VTTI. Through this transaction, VTTI will have two strong shareholders that will support VTTI's continued growth as an independent global terminal operator."
The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in early January 2017.
Notes to editors
1Vitol's share will be owned by Vitol and also through Vitol Investment Partnership ("VIP"), an investment vehicle sponsored and managed by Vitol.
About VTTI BV
VTTI BV is a fee-based, growth-oriented business formed to own, operate, develop and acquire refined petroleum product and crude oil terminalling and related energy infrastructure assets on global scale. VTTI BV's assets include interests in a broad-based portfolio of terminals that are strategically located throughout the world with a combined total storage capacity of 54 million barrels including assets under construction. On 1 August 2014, VTTI Energy Partners LP began trading on the New York Stock Exchange as a master limited partnership (MLP).
For more information: http://www.vtti.com/
Vitol is an energy and commodities company; its primary business is the trading and distribution of energy products globally – it trades over 6mbpd of crude oil and products and, at any time, has 200 ships transporting its cargoes.
Vitol's clients include national oil companies, multinationals, leading industrial and chemical companies and the world's largest airlines. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including; circa 15.5mm3 of storage across six continents, 390kbpd of refining capacity and Shell-branded downstream businesses in 16 African countries, as well as Australia. Revenues in 2015 were $168 billion. For more information: www.vitol.com.
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SOURCE VTTI Energy Partners LP