Vitol today announced it has agreed to acquire a further 50% of VALT, the bitumen joint-venture it established with Sargeant Marine in 2016. On completion, VALT will be 100% owned by Vitol and will be integrated into Vitol’s core trading business.
The acquisition will make Vitol a leader in the trading, storage and marine transportation of asphalt products around the world, with a dedicated fleet of eleven specialised vessels. Volumes are circa 1.4 million metric tons of asphalt per annum, managed from hubs in Asia, Europe and the US.
The transaction is subject to conditions precedent and is expected to close in Q2 2019.