August 7, 2019 / 8:39 AM / 15 days ago

UAE's ADNOC acquires stake in VTTI oil storage business

DUBAI, Aug 7 (Reuters) - Abu Dhabi National Oil Company (ADNOC) said on Wednesday it will acquire a stake in VTTI, a Vitol-backed global energy storage company, as part of changes including expanding its oil trading operations.

ADNOC will acquire a 10% stake in VTTI, it said in a statement, 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.

After the transaction is finalised, both Vitol and IFM Global Infrastructure Fund, an investment vehicle managed by IFM Investors, will each own a 45% stake in VTTI. (Reporting by Rania El Gamal; editing by Jason Neely)

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