MISC Acquires 50% of VTTI B.V.

ROTTERDAM, Netherlands, May 17 /PRNewswire/ -- Leading international shipping line, MISC Berhad ("MISC"), and one of the world's largest independent energy trading companies, the Vitol Group ("Vitol"), today signed a Sale and Purchase Agreement via their respective subsidiaries whereby MISC's wholly-owned subsidiary, MTTI Sdn Bhd ("MTTI"),  acquires 50% of the shares in VTTI B.V. ("VTTI"), currently a wholly-owned subsidiary of Vitol, for a price of US $735 million, subject to price adjustment. Upon completion of this sale and purchase transaction, MISC and Vitol will enter into a Shareholders Agreement to reflect the long-term relationship and strategic cooperation between MISC and Vitol in relation to their interest in VTTI.

The signing of the Sale and Purchase Agreement took place at the Mandarin Oriental Hotel, Kuala Lumpur. Signing on behalf of MISC was Mr. Amir Hamzah Azizan, President/Chief Executive Officer of MISC while Vitol was represented by its President & CEO, Mr. Ian Taylor. Also present at the signing was YBhg. Dato' Shamsul Azhar bin Abbas, President/CEO of PETRONAS and Chairman of MISC, YBhg. Dato' Kho Hui Meng, President of Vitol Asia Pte Ltd and Mr. Rob Nijst, CEO of VTTI.

VTTI owns and operates a network of petroleum products terminals with a gross combined capacity of nearly 6 million cubic metres, which is set to expand to more than 7 million cubic metres by 2013. With interests spanning over 11 countries and 5 continents, VTTI is one of the top ten independent tank terminal operators in the world. Major terminals are located in Amsterdam and Rotterdam in the Netherlands, Fujairah in the UAE and Port Canaveral, Florida, USA.

According to Mr. Amir Hamzah Azizan, President/CEO of MISC, the deal marks yet another significant milestone in the development of MISC in moving towards becoming the premier global energy-based transportation and logistics services provider. The acquisition of 50% interest in VTTI is a key element in developing the company's global tank terminal business, in line with its strategy to expand its service offerings across the value chain.

"The pooling of resources and expertise resulting from this transaction will enhance MISC's capability to better meet the needs and demands of our customers, by providing them with integrated services in the form of logistics support, together with our core shipping operation," said En. Amir.

Mr. Ian Taylor, President & CEO of the Vitol Group, commenting at today's ceremony, said "Today heralds a new era of growth for VTTI. With the joint backing of the Vitol Group and MISC, we can accelerate the development of VTTI into a world class storage and terminal company. MISC was already a close business partner for Vitol and this agreement makes our partnership stronger for the long term."

Today's signing sees MISC and Vitol build on their partnership in the tank terminal industry, a partnership that started in 2009 when MISC and its wholly-owned subsidiary, MISC International (L) Limited entered into a Joint Venture Agreement ("the JVA") with VTTI and VTTI Tanjung Bin S.A.

The JVA, signed on 19 August 2009, saw the incorporation of a joint venture company, Asia Tank Terminal Limited (ATTL), to hold 100% shares of ATT Tanjung Bin Sdn Bhd ("ATB") and through ATB, manage the construction, commissioning and operation of an oil blending terminal with a base capacity of approximately 841,000 cubic metres at Tanjung Bin, Johor, Malaysia, which is scheduled to commence operations in 2012. The oil blending terminal has available land area to increase its total capacity to approximately 1.4 million cubic metres.

With the signing of the Sale and Purchase Agreement and the Shareholders Agreement, the JVA will be terminated and MISC's shares in ATTL will be disposed to VTTI Tanjung Bin S.A at cost. MISC's interest in relation to ATB will be held via VTTI.

About MISC

MISC is a world leading international maritime corporation and one of the top five shipping companies in the world by market capitalisation. The company provides energy transportation solutions to customers in the LNG, petroleum and chemical industry. MISC owns and operates more than 100 vessels with a combined tonnage of more than eight million deadweight tonnes, trading in various corners of the globe.  Through its wholly-owned subsidiary AET, MISC is also the world's largest owner-operator of Aframax tankers, counting among its customers leading oil majors.

Further details on the MISC Group can be found at www.misc.com.my.

For further media enquiries for the MISC Group, kindly contact:

Mdm. Fiona Clare Pereira, General Manager

Corporate Affairs Department

Tel: 03-2275 2701

Fax: 03-2275 2888

E-mail: [email protected]

About Vitol

The Vitol Group was founded in 1966 in Rotterdam, the Netherlands. Since then the company has grown significantly, to become a major participant in world energy markets and is now one of the world's largest independent energy traders.

Its trading portfolio includes crude oil, oil products, LNG, natural gas, coal and power. Vitol trades with all the major national oil companies, the integrated oil majors, as well as the independent refiners and traders. Globally Vitol trades over 5.5 million barrels of crude oil and products on a daily basis.

In addition to its trading business, and its storage and terminals business, VTTI, Vitol has an exploration and production business which includes assets in Kazakhstan, Russia and Azerbaijan and a 40% share of the Galoc field in the Philippines.

Further details on the Vitol Group can be found at www.vitol.com and on VTTI at www.VTTI.com.

For further media enquiries for the Vitol Group:

Cohn and Wolfe, Geneva:

Victoria Dix  +41 (22) 908 4071

Brunswick Partners LLP, London

Patrick Handley

+ 44 207 404 5959

Hill and Knowlton, Amsterdam:

Frederique Demenint-van der Ven

+31 (0)20 404 47 07

Qorvis, Washington DC, USA:

Don Goldberg

+1 202-496-1000

Deutsche Bank served as Vitol's financial advisers.

SOURCE Vitol Group