Vitol To Divest VHFL Stake, Strengthen Deal with Fujairah Refinery
Vitol Group (Vitol) announced that it has divested its 10% stake in Vopak Horizon Fujairah Limited (VHFL), a 1.5 million cubic meter 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 zarko petroleum products examples VHFL will allow Vitol to strengthen its focus on its key strategic asset in the area, the Fujairah Refinery Firm Limited (FRCL), which operates an 82,000 barrel per day refinery and a 461,000 cubic meter tank farm.
FRCL has major improvement plans in place, which embody a 564,000 cubic meter growth of the tank farm, refurbishment of current refining units and the installation of more coke processing units. The transaction additionally allows Vitol to exit VHFL having achieved a beautiful return on its authentic funding.
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