UAE – Mubasher: The Abu Dhabi National Oil Company (Adnoc) has announced that it will acquire a 10% stake in global energy storage company VTTI, the Emirates News Agency (WAM) reported on Wednesday.

Following the finalisation of the deal, each of Vitol and IFM Global Infrastructure Fund will own 45% of VTTI.

"We are delighted to be entering into this strategic investment opportunity in VTTI, alongside Vitol and IFM GIF, which will further complement the development of ADNOC’s integrated global trading platform while also delivering a solid financial return,” Adnoc Group CEO, Sultan Ahmed Al Jaber, commented.

VTTI is an independent global owner of 15 hydrocarbon storage terminals across 14 different countries, according to WAM.

"We are very pleased to have ADNOC as our new shareholder and look forward to benefiting from their regional expertise, working together to further grow our global network of terminals and supporting ADNOC’s trading and supply ambitions,” CEO of VTTI, Rob Nijst, said.