Zenith Energy has acquired a multi-million barrel liquids storage facility in Amsterdam from BP.
The international liquids and bulk terminaling company is due to take ownership of the terminal assets by the end of the first quarter 2016 following a transition process.
The facility is located on the North Sea Canal within the ARA region and has a storage capacity of more than six million barrels for petroleum, ethanol, middle distillates, biodiesel, kerosene and LPG.
It has capabilities for sophisticated blending, connectivity for ocean vessels, inland waterway and trucks, a deep draft for oceangoing tankers up to 135,000 tonnes with multiple berths for barges and ships.
In an interview with Tank Storage Magazine Jay Reynolds, chief commercial officer, says: ‘This asset is a highly strategic one in terms of its location and access to deep water.
‘It has a significant position serving the local market and it has got a very good position in the local motor fuel distribution business. BP will remain a significant customer of the terminal after transferring ownership across.
‘We are very excited to own it and to be working with BP going forward.’
Another attractive feature of the facility is the opportunity for further expansion projects. This is something that Zenith will look to capitalise on in the future.
Reynolds adds: ‘The expansion capability was one of the factors in us deciding to acquire the asset.
‘We do not have any immediate plans but we have several potential opportunities to expand the facility.’
The company has had its sights firmly set on entering the ARA market since it was formed in August 2014 and has ambitions to expand even further into this internationally-renowned storage hub.
‘There is significant growth potential – we hope to eventually have an asset in each of the key markets in the future,’ says Reynolds.
Zenith’s asset portfolio includes the Bantry Bay terminal in West Cork, Ireland, acquired from Phillips 66 and a new multi-product liquids terminal in Colombia – a joint venture with Grupo Coremar.