November 2, 2018 / 11:46 AM / 19 days ago

Buckeye Partners sells stake in Vitol-backed storage firm VTTI

LONDON, Nov 2 (Reuters) - U.S. oil logistics firm Buckeye Partners is selling its 50 percent stake in Vitol-backed global energy storage company VTTI, the companies said on Friday, a move that will see existing shareholders Vitol and IFM Investors increase their stakes.

Buckeye said it would get $975 million in cash proceeds once the deal completes by the end of the year.

Global energy trader Vitol said in a statement it would retain a 50 percent stake with its investment vehicle Vitol Investment Partnership following the sale. Global institutional fund manager IFM would own the other 50 percent.

Reporting by Julia Payne Editing by Edmund Blair

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