Abu Dhabi National Oil Company (ADNOC) announced that it has acquired a 10% stake in VTTI, a global energy storage terminal owner and operator, as part of its transformation vision to become a more integrated global energy player.
The investment will allow ADNOC to secure storage in global export markets and at the port of Fujairah, which is a regional bunkering and storage hub in the UAE.
VTTI owns 15 terminals located across 14 countries and its storage network holds about 60 million barrels of combined storage capacity. On the other hand, ADNOC has 8 million barrels of storage in Fujairah and is also building the world’s largest single underground project for oil storage, with a capacity of 42 million barrels of crude oil.
Beside ADNOC’s 10% equity stake in VTTI, VTTI is 45% owned by the IFM Global Infrastructure Fund (IFM GIF), an investment vehicle managed by IFM Investors, and 45% by Vitol.
The deal “will further complement the development of ADNOC’s integrated global trading platform while also delivering a solid financial return. VTTI’s diverse portfolio of storage assets across key target markets such as Asia, Africa, and Europe, provides us with direct access to our customers around the world,” UAE Minister of State and ADNOC Group CEO, Sultan Al-Jaber, said.