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VOTT owned by VOPAK merges partially with SUTT |
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August 18, 2000
Dhaka (UNB) - Summit United Tanks Terminal Ltd (SUTT) yesterday bought over 50 percent share of Vanomren Tanks Terminal (VOTT), owned by VOPAK, a multinational terminal owner. Summit United also assumed management and operations of the country’s oldest tanks terminal VOTT, situated in the Chittagong Port area and known as International Tanks Terminal. The VOTT terminal, established on six acres of land, has the capacity to store 80,000 metric tons of liquid products including edible oil, bitumen and chemicals. Chairman of SUTT, a 100 percent local company, Muhammed Aziz Khan said the acquisition of VOTT would provide better services to the terminal users, said a press release. VOTT, the largest tank farm in Bangladesh, also operates an oil mill known as International Oil Mills Ltd, which can refine one lakh metric tons of edible oil per year. SUTT, previously known as Bangladesh Tanks Terminal, was taken over by Summit United in 1990 and later expanded to store 64,000 metric tons from its original 17,000 tons capacity. Summit United Group is expected to expand the capacity of the terminal upto one lakh metric tons within the next two years. Bangladesh currently imports about six lakh metric tons of edible oil, almost all of which is handled by VOTT and SUTT. |