I n Augus t 2014 , VTT I B . V. had successfully listed VTTI Energy Partners LP on the New York Stock Exchange (NYSE). The initial public offering of VTTI Energy Partners LP using the Master Limited Partnership (MLP) structure had enabled MISC to monetise our investment in VTTI B.V. while providing the capital raising avenue for the latter to fund the tank terminal business’ future growth. Another milestone for the segment was the commissioning of VTTV Vasiliko Cyprus in November 2014 with a total storage capacity of 544,000 cbm. With this investment, Cyprus would be one of the important trading hubs for oil products in the region contributing multiple benefits to the country’s economy. Based on the stable growth outlook in tank terminal business, VTTI B.V. further developed its business by expanding a few projects including ATT Tanjung Bin (ATB) Phase 2 terminal. The project is currently in progress and will further add 250,000 cbm to the current 900,000 cbm capacity which is already in operation. VTTI B.V. is confident to take advantage of the positive business view by continuing its expansion project in the existing Terminal such as in VTTI Fujairah Terminal. Other than that, VTTI B.V. is also exploring new potential markets such as Cape Town which shows an increase in demand for the oil products. Looking ahead, as one of the leaders in the independent energy storage business, we will focus our business enhancement on the existing assets and new development in potential strategic greenfields. p 65 MISC BERHAD - Annual Report 2014
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