MISC Berhad has signed an agreement to acquire 50% of the shares in Vitol Group subsidiary Vitol Tanker Terminals International (VTTI) for $735m.
Under the agreement, MISC’s wholly owned subsidiary MTTI will gain stakes in a network of petroleum product terminals in 11 countries.
VTTI owns terminals with a combined storage capacity of six million cubic metres and is investing to add another two million cubic metres of storage by 2013.
MISC chief executive Amir Hamzah said the acquisition would allow the shipowner to provide logistics support services to the energy companies it serves through its fleet of product tankers.
The deal is expected to be concluded in the next three months.