Vitol and Hillsborough

Vitol Anker International B.V. announced Monday its intention to make an offer to acquire all of the common shares of Hillsborough Resources Limited (“Hillsborough”) that it does not currently own for a cash price equal to CAD$0.45 per share.

“Our offer presents compelling value to Hillsborough’s shareholders and creates an immediate opportunity for shareholders to receive cash proceeds for their investment. Our offer price reflects our respect and enthusiasm for Hillsborough’s business,” said Jacobus Sterken, Vitol Anker’s Director.

Check out Vitol's website for the full release

Rob Nijst on VTTI

Vitol Tank Terminals International (VTTI) received great coverage in Downstreamtoday.com.

According to the article, VTTI is becoming a major player in the oil products storage industry by departing from traditional norms.

Rob Nijst, CEO of VTTI, is currently leading VTTI through a growth period, which will increase the company’s storage capacity to more than 8 million cubic meters.

“Ten years from now I see VTTI as a company that is made up of people that have the inspiration to make a difference in this industry. For me it is less important whether or not we have either 15 or 20 terminals. More important is that our customers recognize us as a different kind of company, not only being safe, reliable, flexible and efficient, but also having ‘terminals with more energy.’ And for us, it is the great team of people that we have that create this energy—but don’t lose sight of our ambition to be a top-three player in the storage and terminal business” Nijst said.

Check out downstreamtoday.com for the full article.

Hillsborough's Agreement with Vitol

Hillsborough Resources Limited finalized a revised agreement with Vitol yesterday. As part of the agreement, Hillsborough has received USD$3,032,557.78 in cash from Vitol, and approximately USD$16,000,000 of Hillsborough debt to Vitol has been cancelled. Vitol will continue to provide Hillsborough with a line of credit in the amount of CDN$6,000,000.


"We are very pleased to have finalized the revisions with Vitol, who remains a major shareholder and key strategic partner of Hillsborough Resources," stated Mr. David Slater, President and CEO. "The Vitol agreement remains a cornerstone of Hillsborough's business. In addition to the very positive contribution to the Corporation's 2009 financials, the agreement ensures a stable market for a large portion of the Quinsam mine's production over the next three years."


Check out the press release.

CVR Energy extends relationship with Vitol

Independent petroleum refiner Coffeyville Resources Refining & Marketing, LLC, a subsidiary of CVR Energy, Inc., announced that it will be extending its crude oil supply agreement with Vitol.

Vitol will now provide crude oil supply and logistics intermediation on behalf of Coffeyville Resources Refining & Marketing through Dec. 31, 2011.

Good news for Vitol. Check out the press release.