October 27, 2011 [Europa.eu] - The European Commission has granted clearance under the EU Merger Regulation to the proposed acquisition by Vitol B.V. and VTTI B.V., both of the Netherlands, of a 50 % stake in Petro Lux S.à.r.l (Luxembourg), the mother company of Petrotank Neutrale Tanklager GmbH (Germany), from the owner ArcLight Energy Partners Fund IV L.P. (U.S.A).
Petrotank is active in the storage and handling of mineral oil products and other liquid products. Its assets and primary business are presently limited to Germany. Vitol is an independent trader in particular in the oil and gas sector.
VTTI is a full function joint venture jointly controlled by Vitol and, indirectly by Petronas of Malaysia.
VTTI owns and operates a network of very large petroleum products terminals at international ports in Europe. ArcLight is a limited partnership managed by ArcLight Capital Partners, LLC, and indirectly controls – through Petro Lux and other subsidiaries –Petrotank. The operation was examined under the simplified merger review procedure.
