Expanding the existing VTTI terminal in Fujairah, United Arab Emirates
VTTI today announced its acquisition of IPTF (IL&FS Prime Terminals FZC). A state-of-the art energy storage terminal situated in the heart of Fujairah. The acquisition means that VTTI will own 90% of the terminal, while the other 10% will remain with the Fujairah Government. This 333,484 m3 terminal allows VTTI to significantly expand its long-established position in the Port of Fujairah.
Fujairah is one of the four key oil hubs in the world. Its long-term strategic importance is underpinned by large-scale refining and advantaged crude economics. The acquisition of this high quality facility puts FTL in a unique position in handling all petroleum products with the most flexible configuration, while increasing operational synergies within its existing terminal in the Port of Fujairah.
