| 22 Jul 2010 |
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VTTI announces plan to build a new oil product terminal in Cyprus to complement supply of oil products to Middle East region
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State-of-the-art new terminal facility to be built at Vassiliko, opening in 2012, will see Cyprus become a major regional oil trading hub
Nicosia, July 22nd 2010: Vitol Tank Terminals International ("VTTI"), today announced plans to build a major oil import and distribution terminal in the industrial area of Vassiliko, Cyprus.
The terminal, which is set for completion in 2012, marks an initial investment of more than €100 million and will establish the island as a major oil trading hub. It will also complement the supply of oil products to the Middle East region, linking in with VTTI's storage and refining asset in Fujeirah, one of the largest oil bunkering ports in the world.
Built to world class standards, with the highest safety and environmental standards in place, it will be 100% owned, funded and operated by VTTI and will provide around 340,000 cubic metres of storage for gasoline, diesel, jet fuel and fuel oil.
VTTI has extensive experience of building and managing oil terminals, with a network of 11 terminals in five continents, including a major new terminal in Florida, USA, which opened in April 2010. In Europe, VTTI has major terminals in Rotterdam, Amsterdam, Antwerp and Ventspils, Latvia.
Speaking about the new Vassiliko terminal, CEO of the Vitol Group Ian Taylor said: "We are pleased to be proceeding with this major project. While global trading conditions remain challenging, a world class terminal built and operated in a professional way, will provide jobs and potential for long term investment. The terminal will play an important part in supplying regional markets to meet growing energy demand.
Work is scheduled to start on the Vassiliko facility in the next few months. In addition to storage tanks, a jetty will be constructed to handle seagoing vessels.
Oil products will arrive at the new terminal from the international oil markets and current plans for the terminal are focused on re-exporting to regional markets, as well as supplying the inland market in Cyprus.
VTTI has a proven track record in the successful operation of terminals and the company has already made it clear that it intends to make a number of investments in key local projects to provide additional benefits for the community.
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About VTTI:
VTTI, effectively a wholly-owned subsidiary of Vitol Holding B.V. ("Vitol"), is a company incorporated in the Netherlands. The current issued and outstanding share capital of VTTI consists of fifty thousand (50,000) shares each with a nominal value of one euro ("€"). 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 nearly 8 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. On 17 May 2010, MISC Berhad ("MISC"), through its subsidiary MTTI Sdn. Bhd. (MTTI) entered into a conditional Sale and Purchase Agreement ("SPA") with Martank B.V. ("Martank"), a wholly-owned subsidiary of Vitol, for the proposed acquisition of 50% of the entire issued share capital of VTTI ("the Acquisition"). The completion of the Acquisition is pending the necessary regulatory approvals. Upon completion of the SPA, MTTI, Martank and VTTI will enter into a shareholders' agreement to reflect the long-term relationship and strategic cooperation between MTTI and Martank in relation to their interest in VTTI.
The Vitol Group operates worldwide and is one of the world's largest physical oil trading groups. Vitol's main operations are based in Geneva, Houston, Singapore, Rotterdam and London and in addition to its crude and product trading businesses; it has a growing presence in the gas and power, carbon emissions and bio-fuels markets. Vitol has interests in 11 oil storage terminals, through its 50% shareholding in Vitol Tank Terminal International (VTTI), with nearly 6 million cubic metres of storage capacity around the world. Vitol also has refining interests in Fujairah and Antwerp as well as access to third party refining capacity in multiple oil locations worldwide.
More details on Vitol and VTTI can be found at www.vitol.com and www.vtti.com
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 more information, please contact
Action Global Communications
Kathy Christodoulou
Tel: 00 357 22 818884
Emsil: Kathy.c@actionprgroup.com
© Press Release 2010
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