A Hong Kong-listed subsidiary of China Petrochemical Corp., or Sinopec Group, agreed to buy a 50-percent stake in a European liquid bulk storage and terminal operator on October 15.

Sinopec's subsidiary will form a new international joint venture in liquid bulk storage with Vesta Terminals BV, a wholly owned asset of Mercuria Energy Group Ltd., according to a statement released by Mercuria.

Vesta Terminals is an independent liquid bulk storage operator with about 1.6 million cubic meters of petroleum products and biofuels capacity at three terminals in the Netherlands, Estonia and Belgium.