World News
Vitol Completes Purchase of Remaining Half of VTTI from MISC for $830 Million
Vitol Holding B.V. (Vitol) has, through its Vitol Investment Partnership Limited's (VIP) investment vehicle, purchased the remaining half of Netherlands-based VTTI B.V., VTTI Energy Partners LP (VTTI) announced in a statement.
It was previously announced that VIP would be buying Malaysia-based MISC Berhad's (MISC) share of the company.
VIP reportedly made the purchase for $830 million through its subsidiary VIP Terminals Finance B.V.
In the process, MISC CEO Yang Chien Yee and Vice President of Fleet Management Services Rajalingam Subramaniam have reportedly stepped down from their roles as chairman of the board and board director, respectively.
David Fransen and Francis Brenner will replace them, while current board director Christopher Bakem, who is also Head of Origination at Vitol, will take over the chairman position.
Both newly-appointed directors reportedly come from different positions within Vitol's sprawling network of businesses, with Fransen coming as the managing director of Vitol SA Geneva and Brenner as the Investments Director for the Americas for Vitol Inc.
Ship & Bunker reported in August that MISC Berhad was unloading its investment in order to "take advantage of future opportunities within our core business of energy and petroleum related shipping," according to Yee.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
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