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Vitol to acquire VTTI’s shares in Ventspils Nafta Terminal (VNT), Latvia

August 9, 2023
VTTI announces that its 49% share in VNT will be acquired by the terminal’s majority shareholder Vitol

The alignment of VTTI’s portfolio with strategic goals and vision has necessitated a change in VNT’s ownership, with the result that Vitol, which currently owns 51% of the terminal, will now take full ownership of VNT as unconditional merger clearance from the Latvian Competition Authority has been obtained.

VNT, which was one of the first four terminals integrated by VTTI after it was founded in 2006, is the largest and most technologically advanced oil and petroleum transshipment terminal in the Baltic states.  A connection between East and West, the Latvian operation served as a catalyst for progress, driving innovation and delivering exceptional results within VTTI.

With its full acquisition by Vitol, VNT will embark on a new chapter of its journey. The transition presents exciting opportunities for synergy and innovation, combining the strengths and expertise of both entities.

VTTI is committed to conduct this transition process in a seamless manner, ensuring continuity and stability for all stakeholders. At all stages of the process and beyond, VNT will continue to demonstrate its high standards of safety, operational efficiency, and customer satisfaction. We would like to thank the VNT team for their exceptional work and professionalism.

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