Global energy trader Vitol has agreed to acquire a further 50 percent share of the global asphalt trading company VALT to integrate the asphalt trading business into the company, Vitol announced Monday.
Vitol, on transaction completion, will own 100 percent of VALT, the bitumen joint venture it established with Sargeant Marine in 2016, according to the press release.
Vitol is an energy and commodities company whose primary business is the trading and distribution of energy products globally. It trades over seven million barrels of crude oil and products daily and, at any time, has 250 ships transporting its cargoes.
The company proclaimed that the acquisition will make Vitol a leader in the trading, storage and marine transportation of asphalt products around the world, with a dedicated fleet of eleven specialized vessels.
"Volumes are circa 1.4 million metric tons of asphalt per annum, managed from hubs in Asia, Europe and the U.S.," the press release read.
The transaction is expected to close in the second quarter of 2019, according to the release.
Valt is a global asphalt trading, storage and transportation company that provides logistical solutions to deliver asphalt to its customers worldwide.
The company has hubs in Geneva, Houston, London and Singapore, and operates one of the world’s largest ISO asphalt container fleets.
By Muhsin Baris Tiryakioglu