Independent liquid terminal operator Vopak is pursuing an aggressive expansion programme which has led to a healthy third quarter.
Vopak has seen a rise of 29% in profits to 104.2 million, up almost 25 million on the same period last year.
Projects under construction will add 2.9 million m3 of storage capacity in the period to 2011.
The total investment for Vopak and partners in these projects will involve capital expenditure of some 1.5 billion, of which Vopaks total remaining cash spend will be some 300 million.
Demand for our services in the oil segment remained strong. The chemicals (throughput) activities showed a light recovery. We consider it too early, especially for Europe, to conclude whether the recovery of the chemicals market is sustainable or not, John Paul Broeders, chairman of the executive board of Vopak, comments.
Capacity expansions at two terminals in Spain and Sweden were approved, while our projects pipeline remains encouraging. For that reason, we have extended our financial capabilities and flexibility through new financing programs.
Vopaks expansion programme year to date 2009 led to a growth of worldwide storage capacity by 0.9 million m3, of which 0.1 million m3 was in Q3 2009, to a total of 28 million m3, as per the end of
Expansion plans for the period to 2011 have been announced for 13 existing terminals, and three new terminals, two on the Netherlands and one in Indonesia. This means total of 2.9 million m3 will be under construction for the period to 2011.
Of the 2.9 million m3 currently under construction almost 800,000 m3 of capacity is expected to come on stream in Q4 2009, including Vopak Terminal Bahamas (443,000 m3) and the greenfield terminal in Indonesia (250,000 m3).
In related news Vopak and Shell announced a joint venture to investigate the feasibility of a liquefied natural gas (LNG) terminal at Fos-sur-Mer, France.
Vopak also signed a Memorandum of Understanding (MoU) with Dialog Group Berhad from Malaysia to jointly study the feasibility of an independent storage terminal for oil products in Pengerang, Johor in southern Malaysia for an initial 1.4 million m3.
Vopak operates 80 terminals with a storage capacity of 28 million m3 in 32 countries.