VTTI has announced its acquisition of IPTF, an energy storage terminal situated in the heart of Fujairah, UAE.
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 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.
Read the article online at: https://www.tanksterminals.com/terminals/16112021/vtti-acquires-iptf-storage-terminal/