Buckeye Partners LP completed its $1.15 billion purchase of a 50% equity interest in VTTI BV’s global marine terminal business, which will be owned jointly with Vitol.
VTTI owns and operates 54.5 million barrels of petroleum products storage across 14 terminals.
VTTI’s existing management team and employees will remain in place and continue operating the stand-alone business. Buckeye and Vitol have equal board representation and voting rights in the VTTI joint venture.
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