Vitol has taken full ownership in asphalt trading business VALT after acquiring the remaining 50% stake it previously didn’t own from its joint venture partner Sargeant Marine.
The VALT bitumen joint venture was established by Vitol and Sargeant Marine in 2016. Sargeant Marine is an asphalt trading, storage and transportation business. The asphalt trading business has been now integrated fully into the core trading operations of Vitol, and is led by Nick Fay, head of asphalt at the Dutch energy trading company. The business will now trade only under the Vitol name.
The deal to acquire the remaining stake in VALT was signed by the parties in March 2019. Financial terms were not disclosed.
Vitol said that the acquisition has helped it take a leading position in the trading, storage and marine transportation of asphalt products across the world, with a dedicated fleet comprising nine specialized vessels. Volumes are around 1.4 million metric tons of asphalt per year, managed from hubs located across Europe, Asia, and the US.