A joint venture of Vopak and BlackRock’s Global Energy & Power Infrastructure Fund (GEPIF) have successfully completed the acquisition of three US Gulf Coast terminals from Dow.
The 50:50 joint venture, named Vopak Industrial Infrastructure Americas, first announced that it had agreed to buy the terminals for US$620 million (€523 million) in September 2020. The three terminals, in Freeport, Texas, St Charles, Louisiana, and Plaquemine, Louisiana, have a total capacity of 852,000 m3, as well as 16.4 ha of expansion land, 36 vessel connections, multiple pipeline connections, rail and truck racks.
Each of the terminals is situated next to an operational Dow chemicals production site, and as part of the acquisition agreement, the joint venture has entered into long-term service agreements with Dow for storage and infrastructure services. Dow has said that it expects Vopak’s terminal expertise to deliver additional operational efficiencies and growth opportunities.
