VTTI BV, a global independent provider of energy storage, recently acquired a 230,000 cubic meter (60.7 million gallon) facility in Panama, resulting in a joint venture between VTTI and Global SLI. This deal sees VTTI take a 75% interest in PetroAmerica Terminal SA (PATSA), a terminal strategically located on the Pacific side of the country, close to the Panama Canal, with a wide range of refined products storage.
VTTI's expertise and knowledge of the industry as well as its international network will further strengthen the central role PATSA plays in supplying domestic and international markets and enhance its multiple potential growth opportunities. PATSA is a highly regarded regional terminal company with an excellent operating track record.
In addition to this acquisition, VTTI has completed the recently announced transaction with Energia Naturalis Holding (ENNA), comprising 70% of the newly built Adriatic Tank Terminal (ATT) in the Port of Ploce, Croatia. In 2016, ATT completed the construction of 50,000 cubic meters (13.2 million gallons) of clean petroleum product storage. A second stage of development is now expected to commence to deliver a further 200,000 cubic meters (52.8 million gallons) of liquid product capacity, as well as up to 60,000 cubic meters (15.8 million gallons) of LPG capacity.
Rob Nijst, chief executive officer of VTTI, said: "With these two transactions we have hit the ground running in 2017, and we now have an exciting roadmap of growth opportunities ahead of us. These opportunities take us into new geographies, extend our portfolio commercially, and further realize our aim to be a top 3 company in the global terminaling industry, as always in combination with our focus on safe operations."
The company is also currently investing in projects at its existing terminals ETT and ATPC, in Rotterdam, The Netherlands and Antwerp, Belgium respectively, as well as negotiating a new project in South Asia:
Rotterdam: At the heart of Europe's largest port, VTTI will expand its ETT terminal, adding further capacity of 174,000 cubic meters (45.9 million gallons) to provide flexible product storage.
Antwerp: VTTI's increasing capability in LPG will be further strengthened by a new refrigerated pressure vessel project at its ATPC terminal, which includes two new spheres of 15,000 cubic meters (3.9 million gallons).
South Asia: VTTI recently signed a share purchase agreement for a new greenfield terminal project in South Asia. Negotiations are ongoing and the closing of the deal is anticipated to occur at the beginning of March.