Shearman & Sterling advised Abu Dhabi National Oil Company (ADNOC) on a strategic investment in global storage terminal owner and operator VTTI. As part of this agreement, ADNOC acquired a 10 percent equity stake in VTTI. Following the transaction, VTTI is owned 10 percent by ADNOC, 45 percent by IFM Global Infrastructure Fund, an investment vehicle managed by IFM Investors, and 45 percent by Vitol (both directly and through Vitol Investment Partnership II Ltd, an investment vehicle sponsored and managed by Vitol).
VTTI is an independent global owner of 15 hydrocarbon storage terminals across 14 different countries. The VTTI storage network holds around 60 million barrels (9.5 million m3) of combined storage capacity, much of which is in locations that are complementary to ADNOC’s trade flows.
ADNOC is a major diversified group of energy and petrochemical companies that produces about three million barrels of oil and 10.5 billion cubic feet of raw gas a day. Its integrated upstream, midstream and downstream activities are carried out by 14 specialist subsidiary and joint venture companies.