SOURCE: Vitol

Vitol

February 11, 2009 12:56 ET

Vitol to Divest VHFL Stake, Strengthen Focus on Fujairah Refinery

GENEVA--(Marketwire - February 11, 2009) - Vitol Group ("Vitol") announces today that it has divested its 10% stake in Vopak Horizon Fujairah Limited (VHFL), a 1.5 million cubic metre oil storage facility in Fujairah, United Arab Emirates.

The stake has been acquired by VHFL's existing shareholders, which include Vopak, Horizon, the Government of Fujairah and IPG.

The sale of its stake in VHFL will enable Vitol to strengthen its focus on its key strategic asset in the region, the Fujairah Refinery Company Limited (FRCL), which operates an 82,000 barrel per day refinery and a 461,000 cubic metre tank farm. FRCL has major development plans in place, which include a 564,000 cubic metre expansion of the tank farm, refurbishment of existing refining units and the installation of more processing units. The transaction also allows Vitol to exit VHFL having achieved an attractive return on its original investment.

Ian Taylor, President and CEO of Vitol, commented: "Vitol has benefited significantly from its involvement in VHFL and we wish them continued business success. The sale will now allow us to focus fully on the expansion and development of the Fujairah Refinery Company and continue our work with the Government to promote the role of Fujairah in the regional and international energy markets."

About Vitol

The Vitol Group operates worldwide and is one of the world's largest physical oil trading groups. Vitol's main operations are based in Geneva, Houston, Singapore and London and in addition to its crude and product trading businesses, has a growing presence in the gas and power, emissions and bio-fuels markets. Vitol also has interests in various oil storage terminals and exploration and production projects worldwide.

For more information visit www.vitol.com.

Contact Information

  • For further information:

    In the U.S.
    Qorvis Communications
    Matt J. Lauer
    + 1 202 683 3127

    In the U.K.
    Finsbury Group
    Andrew Mitchell
    Brian Cattell
    + 44 207 251 3801

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