Global commodity trader Vitol has agreed a total takeover of the VALT bitumen joint venture.
On March 18, the Swiss-based company said it would acquire the final 50 percent of the joint venture which it established with Sargeant Marine in 2016.
Vitol said the acquisition is expected to be completed in the second quarter of 2019, adding that VALT would be 100 percent owned by Vitol and integrated into the company’s core trading business.
VALT, which operates a fleet of eleven asphalt/bitumen tankers, handles around 1.4 million metric tons of asphalt per annum, managed from hubs in Asia, Europe and the US.