Independent oil storage terminal operator Vopak has reached an agreement with Japan-based Mitsui & Co and Malaysia-headquartered Tejana Trading Corporation to acquire 100% of the shares in Intercontinental Terminals (M) Sdn Bhd in Malaysia.
The terminal is located in the free trade zone within the Johor Port at Pasir Gudang, which lies within the designated Iskandar development zone in southern Malaysia.
The terminal consists of 17 tanks with a total capacity of 20,600m³, which are fully used by a number of global petrochemical companies. The facility will be named Vopak Terminal R Pasir Gudang.
The Pasir Gudang region is seeing rapid growth in the production and export of palm oil and related oleochemical products, biodiesel and petrochemical products. To support the increasing product flows Vopak will develop plans to expand the terminal's capacity.
With the acquisition of the Pasir Gudang terminal Vopak strengthens its presence in Malaysia. Vopak is already a joint venture partner in Kertih Terminals, a 395,900m³ storage facility for chemical products and liquefied gas in Kertih, which is located in the Malaysian province of Terengganu.
Vopak operates 75 terminals with a storage capacity of more than 22 million m³ in 30 countries.
Other developments include: Vopak and N-Trans, owner of Pakterminal and Estonian Oil Service (EOS), operators of oil storage and transit terminals in Tallinn, Estonia, have established a joint venture called Vopak EOS.
The establishment of the joint venture follows the execution of the Heads of Agreement, signed on December 11, 2007. Upon establishment, N-Trans will have a shareholding of 65% and Vopak a shareholding of 35%. Vopak holds a call option allowing it to increase its shareholding in the joint venture up to a maximum of 75% on or before August 31, 2008.
N-Trans and Vopak decided to join forces to make more efficient use of the combined available terminal assets in the region. The port of Tallinn is a strategic location for the global export of oil products from Russia to the rest of the world.
The combined terminal facilities of 73 tanks have a total storage capacity of 740,000m³ for both light and heavy oil products. Vopak EOS expects to transship over 15 million tonnes of light and heavy oil products in 2008, making it the largest terminal facility in the Baltics. Vopak EOS will expand its capacity with an additional 200,000 m³ of storage capacity.