Adani Weighs €3 Billion Deal to Buy Energy Storage Company VTTI
Key Facts
Adani Group is weighing a €3 billion deal to acquire energy storage company VTTI, according to the headline of a Bloomberg report published on October 28, 2026. The figure puts the Dutch company at the center of potential investment interest in a broad operating network, but the full report could not be accessed to verify the deal details. The €3 billion value therefore remains the available information on the size of the deal, with no confirmed details on its terms or structure. Open sources also contain no statement explaining Adani's motives or confirming that talks have resulted in an agreement. The distinction underscores the need to treat the news as a review or consideration of a potential deal, not an announcement of a completed acquisition.
VTTI says it operates in 16 countries across 5 continents and offers customers total storage capacity of 9.1 million cubic meters. The company operates terminals for the storage, blending and processing of energy products, according to its description of its activities. These products include conventional fuels, biofuels and sustainable aviation fuel. The terminal network connects road, rail, shipping and pipeline transport, enabling products to move through multiple channels. This operating footprint places the company within a logistics network that extends beyond a single site or fuel type, without establishing any link between these assets and Adani's potential motives.
VTTI is headquartered in Rotterdam, according to IFM Investors data dated June 30, 2026, which records the fund's stake in the company at 45%. The ownership structure announced by VTTI after the August 2019 deal allocates stakes of 10% to ADNOC, 45% to IFM Global Infrastructure Fund and 45% to Vitol. The IFM stake on the investor's page matches the shareholding percentage the company reported after the deal. These figures show energy-sector and infrastructure-investment shareholders among VTTI's owners. Available information does not explain how these stakes could be affected if Adani's review develops into a deal.
VTTI has announced a growth plan for 2022 to 2028 that aims to triple the company's size from its 2022 level. The strategy includes developing infrastructure for liquefied natural gas, renewable natural gas and hydrogen, alongside waste-to-value projects. The company says it aims to generate more than half of its earnings from transitional and sustainable sources by 2028. On September 20, 2024, it announced the completion of a $1.7 billion refinancing to fund future growth. These plans outline VTTI's stated direction for expanding its business and developing its operating mix, but do not show that this direction is the reason for Adani's potential interest in the company.
The company's plans include investments in its Dutch terminals. On January 28, 2026, VTTI announced a final investment decision on rail infrastructure at its Amsterdam terminal, aimed at expanding product transport options. The terminal has capacity of 1.1 million cubic meters and includes 173 tanks and 11 marine berths, according to VTTI's page for the site. The rail facility is scheduled to enter service at the end of 2027, with a design that allows biodiesel loading to be added later. The project reflects an expansion of transport capacity at an existing site within a network connected by roads, railways, ships and pipelines.
Also in Amsterdam, VTTI and Connex plan to develop a pretreatment facility for renewable feedstocks with capacity of more than 400,000 tonnes a year once completed, targeting a start of operations in 2027. In gas projects, VTTI is working with Höegh Evi on the Zeeland LNG terminal project. The company says the terminal is scheduled to begin operations in the third quarter of 2029, after the necessary permits are obtained. These timelines place the terminal and renewable-materials projects among the company's plans for the coming years. But published information on the projects does not disclose any decision related to an Adani deal or a timeline for potential acquisition talks.