China Merchants has bought a 70% stake in Vast Infraestrutura, Brazil’s only privately run VLCC terminal, located in the port of Açu in a deal worth up to $714m.
China Merchants bought its stake in the oil terminal from US-based EIG Global Energy Partners, which has been developing the site for the past 10 years. The terminal handles around 560,000 barrels per day, accounting for around 30% of all Brazil’s crude oil exports. All other VLCC terminals in Brazil are controlled by Petrobras.
China Merchants already has a strong presence in Latin America’s largest country following the purchase eight years ago of TCP Participaçoes, a Brazilian container terminal operator.
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