Adnoc announced this week that it is buying (for an undisclosed sum) a 10% stake in global storage terminal firm VTTI. The firm has around 60mn barrels (9.5mn m³) of storage capacity across the globe and the move will provide considerable impetus to Adnoc’s plans to develop a trading arm.

The new shareholding will be Vitol (45%), IFM Global Infrastructure Fund (45%) and Adnoc (10%).

The acquisition comes just days after closure of Adnoc’s agreement with Italy’s Eni...