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MISC Acquires 50% of VTTI B.V.
"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 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 MISC Berhad |
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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.