Buckeye Partners closes deal for 50% of Dutch energy storage firm VTTI

US petroleum distributor Buckeye Partners LP (NYSE:BPL) has completed the acquisition of a 50% stake in Dutch energy storage provider VTTI BV from Swiss-based energy and commodities company Vitol Group which retained the remaining 50%.

The deal, worth USD 1.15 billion (EUR 1.09bn), was announced in late October.

The joint ownership by Buckeye and Vitol will allow VTTI to further reinforce its presence as a leading provider of energy storage solutions.

Buckeye, on its part, will get access to a portfolio of international terminal and storage assets and will be in a better position to participate in additional attractive growth opportunities worldwide.

VTTI, which will continue to be run as an independent, standalone company under its existing management team, owns and operates about 54 million barrels of oil tanks at 13 terminals on five continents.

(USD 1.0 = EUR 0.947)

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