The ArcLight affiliate will retain a 50% stake in PetroLux, which is the indirect owner of a majority interest in terminal company Petrotank Neutrale Tanklager.
Petrotank owns and operates 23 inland refined product terminals throughout Germany, with a total storage capacity of about one million cubic meters.
VTTI and ArcLight will continue to support Petrotank as an independent terminal operator and provide the company with capital as it pursues growth opportunities in Germany and elsewhere in Europe.
Upon completion of this transaction, Petrotank will be owned indirectly through affiliated entities, 45% by VTTI, 45% by ArcLight and 10% by Kuhne-Janssen Vermogensverwaltungsgesellschaft.
VTTI, which is engaged in the storage and terminal business, is a 50/50 joint venture between energy trader Vitol Group and Malaysian shipping firm MISC.
