Vitol enters into a Definitive Agreement to acquire Antwerp refining facilities from Petroplus
10.26.2009 - NEWS
Vitol Tank Terminals B. V. (“VTTI”) and its wholly owned subsidiary Eurotank Belgium B.V., part of the Vitol Group of companies (“Vitol”) entered today into a share purchase agreement with Universal Holding B.V. and Petroplus International B.V., subsidiaries of Petroplus Holding A.G. (“Petroplus”) (SIX: PPHN) to acquire a 100% interest in Petroplus Refining Antwerp N.V. and Petroplus Refining Antwerp Bitumen N.V. (the “Facilities”).

The Facilities are located in the Port of Antwerp and are connected to an extensive pipeline network and harbour infrastructure providing flexibility for hydrocarbon feedstocks, intermediates and finished products. The Facilities have one of the largest bitumen processing plants in the Benelux region with a capacity of approximately 875,000 tons per annum, a gasoil hydrotreating plant with capacity of 22,300 barrels per day and a tank storage facility with a potential capacity of approximately 450,000 cubic metres after additional investment.

The cash consideration payable under the terms of the agreement is US $25 million excluding the cost of inventory. The closing of the transaction is expected in the fourth quarter of 2009 and is subject to, amongst other things, certain regulatory approvals.

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