Buckeye Partners to buy 50% of Dutch energy storage firm VTTI for USD 1.15bn

US petroleum distributor Buckeye Partners LP (NYSE:BPL) said Monday it has agreed to buy a 50% stake in Dutch energy storage provider VTTI BV for USD 1.15 billion (EUR 1.06bn).

VTTI is currently fully owned by Swiss-based energy and commodities company Vitol Group which will retain the remaining 50%.

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.

“The interest we are acquiring in VTTI fits well into our growth strategy of investing in terminal assets in strategic energy hubs while further enhancing the logistical solutions available to our customer base across key energy markets," CEO Clark Smith commented.

Upon completion of the transaction, VTTI will continue to be run as an independent, standalone company under its existing management team.

Subject to regulatory clearance, the deal is expected to close in early January 2017.

VTTI owns and operates about 54 million barrels of oil tanks at 13 terminals on five continents.

(USD 1.0 = EUR 0.919)

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