Sinopec Kantons acquires 50% stake of Netherlands’ Vesta

16 October 2012 04:55  [Source: ICIS news]

SINGAPORE (ICIS)--Hong Kong-listed Sinopec Kantons Holdings announced late on Monday that its wholly owned subsidiary – Sinomart Development – has entered into an agreement on 15 October to buy a 50% stake in Netherlands’ Vesta Terminals for €128.6m ($167m).

The stake was purchased from Nethelands’ Mercuria Energy Asset Management (MEAM), which held 100% stake of Vesta before the deal.

Vesta principally engages in operating bulk liquid storage terminals with approximately 1.6m cubic metres of storage capacity in Europe.

The acquisition provides a good opportunity for Sinopec Kantons to develop its experience in operating and managing overseas storage facilities and achieve rapid expansion in the European bulk liquid storage terminals business, the Hong Kong-listed logistic and trading company said in a statement.

($1 = €0.77)

By: Fanny Zhang
+65 6780 4359

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