Global oil storage giant VTTI is expanding its footprint at the Indian Ocean terminal of Fujairah. The firm earlier this month announced that it will be purchasing 90% of the IPTF (IL&FS Prime Terminals FZC) storage facilities in the emirate.
IPTF is 90% owned by India’s Infrastructure Leasing & Financial Services (IL&FS), with the remaining 10% held by the Fujairah government. IPTF put its stake up for sale amid its own financial problems, and VTTI has now agreed to acquire it for an undisclosed sum. (CONTINUED - 438 WORDS)