The stake has been acquired by Vopak Horizon Fujairah's existing shareholders, which include Vopak, Horizon, the Government of Fujairah and IPG.

The sale of its stake in will enable Vitol to strengthen its focus on its key strategic asset in the region, the Fujairah Refinery Company Limited (FRCL), which operates an 82,000 barrel per day refinery and a 461,000 cubic metre tank farm. FRCL has major development plans in place, which include a 564,000 cubic metre expansion of the tank farm, refurbishment of existing refining units and the installation of more processing units. The transaction also allows Vitol to exit Vopak Horizon Fujairah having achieved an attractive return on its original investment.