Vopak has sold its Finnish assets, including two chemical and petroleum storage terminals, to Oiltanking.
The divestment of Vopak Chemicals Logistics Finland consists of Vopak Terminal Mussalo and and Vopak Terminal Hamina, which have a combined operational capacity of 175,400 m3 and handle bulk chemicals and petroleum products.
The acquisition will more than triple Oiltanking’s capacity in Finland and follows Vopak’s 2014 business review, where the storage operator updated its terminal portfolio criteria resulting in the divestment of 15 smaller terminals.
As previously reported, Vopak has already divested its four Swedish petroleum and petrochemical terminals to Inter Terminals.
The agreed upon net cash proceeds, based on the debt free enterprise value amounts to around €43 million.
Oiltanking already owns and operates the Oiltanking Sonmarin terminal in Finland, which has a total storage capacity of 81,700 m3. Following the acquisition, the terminals of both companies will be consolidated into one company called Oiltanking Finland.
Finland is one of the main transit hubs for the export and import of chemical and petroleum products in relation to Russia and other FSU countries. The total storage capacity of Oiltanking Finland terminals will increase to 257,100 m3 with 75 tanks in various sizes from 500 to 1,000 m3.