Vopak, partner in the Estonian joint venture Vopak E.O.S., has increased its shareholding from 35% to 50%.
Vopak exercised the call option granted to it following the establishment of the joint venture on April 23, 2008. This call option would expire on August 31, 2008, but has now been used.
With this change of shareholding N-Trans – a leading private operator in the transportation services market in Russia, the FSU and the Baltic – and Vopak have become equal shareholders in Vopak E.O.S.
N-Trans and Vopak established the joint venture Vopak E.O.S. 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, Belarus and Kazakhstan to the rest of the world.
The facilities of the terminals in Tallinn consist of 73 tanks with a total storage capacity of 740,000m³ for both light and heavy oil products combined with excellent rail connections and deep water berths facilitating all vessel sizes.
The independent storage company is very well positioned and takes advantage of the strategic location of this ice-free, deep water port in the Baltic area and its increasing importance in the global oil transit market.
Vopak E.O.S. expects to transship over 15 million tonnes of light and heavy oil products in 2008, making it the largest terminal facility for oil products in the Baltics. Vopak E.O.S. is expanding its capacity with an additional 200,000 m³ of storage capacity, which will become operational towards the end of 2008.