Vitol Holding BV, Rotterdam, said its Vitol Energy (Bermuda) Ltd. unit acquired 17.8 million shares or 8% of the common stock of Sterling Resources Ltd., Calgary.
As a result of the transaction, Vitol controls 22.9 million common shares or 10.3% of Sterling common shares. Vitol said it acquired the stake for investment purposes.
Sterling Resources has exploration and production interests in the UK and Netherlands North Sea, Cleveland basin, Paris and Aquitaine basins of France, and Romania.
The Vitol Group, founded in 1966, is a major energy trading firm that owns more than 100,000 b/d in refining assets and has exploration and production interests in Ghana, Cameroon, Philippines, Kazakhstan, Russia, and Azerbaijan.