The Netherlands-based independent storage terminal operator Vopak has reported net profits increased by 17% to 212 million.
Vopak added some 5.3 million m3 of storage capacity to its worldwide network in 2008, which is more than 27 million m3 in total.
In addition, various expansion projects commenced in 2008, including the construction of an LNG (liquefied natural gas) import terminal on the Maasvlakte near Rotterdam jointly with the Gasunie
For 2009, Vopak expects a group operating profit before depreciation and amortisation (EBITDA) of at least 450 million, in line with the earlier indicated outlook.
The projects under construction will add 2.5 million m3 of storage capacity in the years 2009 to 2011.
These expansions are based largely on rental contracts already entered into.
The total investment for Vopak and partners in these projects will involve capital expenditure of some 1.5 billion. This means net capital expenditure of some 200 million for Vopak for 2009 and subsequent years.