VTTI has acquired a 230,000 cbm tank farm in Panama, resulting in a joint venture between VTTI and Global SLI.
The deal sees VTTI take a 75 percent interest in PetroAmerica Terminal, SA (PATSA), a terminal located on the Pacific side of the country, close to the Panama Canal, with a wide range of refined products storage.
VTTI’s expertise and knowledge of the industry as well as its international network will strengthen the role PATSA plays in supplying domestic and international markets. A VTTI statement said PATSA is a highly regarded regional terminal company with an excellent operating track record.
In addition to this acquisition, VTTI closed the recently announced transaction with Energia Naturalis Holding (ENNA), comprising 70 percent of the newly built Adriatic Tank Terminal (ATT) in the Port of Ploce, Croatia. In 2016, ATT completed the construction of 50,000 cbm of clean petroleum product storage. A second stage is now expected to start, delivering a further 200,000 cbm of liquid product capacity, as well as up to 60,000 cbm of LPG capacity.