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Ceturtdiena 19.10.2017 | Name days: Drosma, Drosmis, Elīna

Vitol acquires 50% of the world’s largest asphalt trader

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUVitol Group, which is one of the largest shareholders of Ventspils nafta, has announced that is has acquired 50% of Sargeant Marine – the world’s largest asphalt trade, storage and transport company.

The amount of money paid in this deal is not revealed.

One of Sargeant’s main business directions is international trade. The company supplies asphalt to its clients all over the world and two strategic terminals in Netherlands and Romania.

It is possible that the company will start trading 1.3 million tons of asphalt annually following the conclusion of the deal. There are also business centres located in Florida, London and Singapore. Soon the company will acquire thirteen specialized ships that form the world’s second largest ISO asphalt container fleet. Vitol’s asphalt production plants throughout the world will also be used.

Commenting on the deal, Daniel Sargeant, CEO of Sargeant, said: «We are happy with this opportunity to join forces with Vitol. Our partnership will provide customers with knowledge of our best specialists. In addition they will receive support from the world’s leading energy trading company.»

Christopher Bake, member of Vitol’s executive committee, admits: «Sargeant is an uncontested leader in this field. Our team, led by Nick Fay, has high hopes for this partnership. With that, development of a globally working company will continue.»

It is planned that the deal will conclude in Q1 2016. Until then the company will continue working as usual.

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