LNG shipper MISC said it has agreed to sell its 50 percent stake in VTTI to Vitol Group for US$830 million.
MISC bought the VTTI stake from Vitol for US$735 million in May of 2010.
The deal was signed between MISC’s wholly-owned subsidiary MTTI and VIP Terminals Finance, a unit of Vitol Investment Partnership.
“For MISC, this divestment will enable us to unlock the value of our investment in VTTI B.V. and take advantage of future opportunities within our core business of energy and petroleum related shipping,” Yee Yang Chien, President and CEO of MISC said.
LNG World News Staff; Image: VTTI