The Kuala Lumpur-listed plans on taking 50% of Vitol Tank Terminals International (VTTI) in an all-cash deal, it wrote in a Monday bourse announcement.

The deal, with Vitol subsidiary Martank, is expected to be tied up within six months with the purchase funded entirely by internal resources.

MISC will have to jump through a number of hoops, including the European Union Competition Authority, to get the deal passed, however.

Explaining the proposed purchase, the owner wrote: “The tank terminal business is an attractive investment that provides stable returns. MISC’s participation in this tank terminal business will differentiate [it] from its traditional shipping competitors, enabling [it] to cross sell and market opportunities through both business segments.”

VTTI currently owns or operates terminals in the Netherlands, Belgium, Latvia, Russia, Argentina, UAE, Pakistan, Singapore, Nigeria, Kenya and the US.

The Malaysian diversified owner and Vitol already have a relationship following the creation of a joint venture in August last year. Asia Tanker Terminal was set up as a 50/50 operation between MISC and VTTI to own an oil terminal in Tanjung Bin, Johor. The facility has capacity of 741,200 cbm and a 30-year lease on a 50-hectare site.