VTTI, part of the Vitol Group, and Energia Naturalis Holding (ENNA) have signed an agreement for the purchase by VTTI of 70% of Adriatic Tank Terminal (ATT) in the Port of Ploce (Croatia), the main Adriatic deep-water port.
VTTI and ENNA will jointly expand and operate the newly built terminal in the Port of Ploce. VTTI will manage the newly-completed tankage for clean petroleum products (CPP), and shall construct and operate further tank capacity alongside a significant new LPG (Liquefied Petroleum Gas) storage capability.
The closing of the transaction is subject to closing conditions, including regulatory conditions.
Phase 1 of ATT is already constructed: in September 2016, the terminal completed the construction of 50,000 m3 capacity for clean petroleum products. Phase 2 will deliver over 200,000 m3 of petroleum storage, as well as up to 60,000 m3 of LPG storage; this will be the largest new LPG storage project in the heart of the Adriatic. In the future, additional space would allow the option of a Phase 3 project for further storage of minimum 100,000 m3 of petroleum products.
This growing terminal will play an important strategic role in strengthening the region's security of energy supply. It will also complement the prime location and deep water of the Port of Ploce, with significant extra storage capacity for CPP and LPG products.
Rob Nijst, CEO of VTTI, said:
"VTTI is very pleased to enter the Adriatic market, supported by our JV partner. The facility will enable the region's energy trade by developing a safe and efficient terminal facility. The growth of the city of Ploce and the region will gather even more speed in the near future, and we are there to support it."
Pavao Vujnovac – ENNA, said:
"We are delighted to bring a reliable, strong partner into Croatia, with whom we have established excellent cooperation. Together, we will work on developing the potential of the Port of Plo?e as a major Mediterranean port. Through this investment, as with others, we are encouraging the development of Croatian resources in order to achieve influence in the region and improve the quality of life of the community in which we work."