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VTTI B.V. and ArcLight Capital Partners, LLC have announced the signing of an agreement whereby affiliates of VTTI will purchase a 50 percent interest in Petro Lux S.à.r.l. from an affiliate of ArcLight. The ArcLight affiliate will remain a 50 percent owner of PetroLux.

PetroLux is the indirect owner of a majority interest in Petrotank Neutrale Tanklager GmbH (Petrotank), an independent terminal company which owns and operates 23 inland refined product terminals throughout Germany, with total storage capacity of approximately 1 million cubic metres.

As partners, VTTI and ArcLight said they will continue to support Petrotank as an independent terminal operator and provide the company with capital as it pursues growth opportunities in Germany and elsewhere in Europe.

Following the transaction, Petrotank will be owned indirectly through affiliated entities, 45 percent by VTTI, 45 percentby ArcLight and 10 percent by Kühne-Janßen Vermögensverwaltungsgesellschaft mbH.

"VTTI is a company with real ambition," said Rob Nijst, CEO of VTTI, "and we are delighted to have signed this agreement today with ArcLight, a company that shares our ambition to be a leading player in the storage and terminal business".

Daniel Revers, Co-Founder and Managing Partner of ArcLight, stated, "The partnership with VTTI is an important milestone for Petrotank. It not only validates ArcLight’s investment strategy for Petrotank, but, more importantly, the partnership adds the world class technical and commercial capabilities and resources of a global market leader to a company that is well-positioned for continued growth. We are very pleased to have VTTI join ArcLight as an equal partner in PetroLux and look forward to an exciting future together."

VTTI said that the existing management and all employees of Petrotank will continue to work for Petrotank and that all rights and obligations from existing contractual relationships and orders will remain unaffected by the change in the shareholder structure.

Closing of the transaction is subject to approval by the European Commission.