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Latest storage news


Terminal News
October 28, 2019
European Commission approves €130 million LNG terminal expansion
The European Commission has approved a €130 million investment from the European Regional Development Fund to expand an LNG terminal in Świnoujście, northwest Poland.The project will increase the terminal's capacity to convert LNG into its gaseous form, store it, and ensure that it can be easily transported...

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The European Commission has approved a €130 million investment from the European Regional Development Fund to expand an LNG terminal in Świnoujście, northwest Poland.

The project will increase the terminal's capacity to convert LNG into its gaseous form, store it, and ensure that it can be easily transported. The funding was possible due to an important regional dimension of the project.

Product from the terminal will be transported through the newly constructed interconnectors to other countries including the Baltic States, Slovakia, Czechia and Ukraine.

Maroš Šefčovič, vice president for Energy Union, says: 'I applaud Poland's commitment to diversification policy that lies at the centre of our energy union strategy. It is yet another key step in strengthening security of supply of entire Central and South Eastern Europe, increasing competition on the regional gas market and providing industry as well as households with secure, reliable and affordable energy.'

The development of the terminal is part of ongoing efforts to achieve energy independence and the EU's climate goals.



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Terminal News
October 25, 2019
Australian Industrial Energy to increase LNG cargos at Port Kembla terminal
Australian Industrial Energy is seeking to increase the amount of annual LNG cargos received at its Port Kembla Gas Terminal as a result of fluctuating demand.AIE has lodged a modification to its existing development consent to meet higher demand for natural gas during the peak periods between April and September...

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Australian Industrial Energy is seeking to increase the amount of annual LNG cargos received at its Port Kembla Gas Terminal as a result of fluctuating demand.

AIE has lodged a modification to its existing development consent to meet higher demand for natural gas during the peak periods between April and September. Currently, AIE's customers gas demands during peak season exceed the volume approved in the current consent granted by NSW Department of Planning.

AIE wants to increase the cargoes received from 26 shipments of standard-sized vessels (170,000 m3) up to 46 shipments of variable sized vessels to reflect the variability in demand. The increase of up to 20 shipments represents a 2% increase in the number of vessels that visit Port Kembla each year. The projects FSRU, which remains moored at Port Kembla's berth 101 to receive, store and send out natural gas, will not need to be modified as it has the capacity to handle the extra throughput.

AIE says the request for additional volume reinforces the project's critical importance as a solution to the nation's near-term gas supply challenges.



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Terminal News
October 23, 2019
Puma Energy sells Paraguay business to Impala Terminals
Impala Terminals has acquired infrastructure assets and operations from Puma Energy's Paraguay business for $200 million.Puma says that it will use the proceeds of the sale to pay down debt in line with its capital management policy.Emma FitzGerald, CEO of Puma Energy, says: 'This transaction is a positive step forward in Puma Energy's commitment to optimizing our global portfolio and deleveraging our balance sheet by the end of 2020...

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Impala Terminals has acquired infrastructure assets and operations from Puma Energy's Paraguay business for $200 million.

Puma says that it will use the proceeds of the sale to pay down debt in line with its capital management policy.

Emma FitzGerald, CEO of Puma Energy, says: 'This transaction is a positive step forward in Puma Energy's commitment to optimizing our global portfolio and deleveraging our balance sheet by the end of 2020.'

Impala Terminals owns and operates a network of terminals and fluvial operations in Spain, Mexico, Paraguay and Peru.

Nicolas Konialidis, CEO of Impala Terminals, adds: 'This transaction is an excellent opportunity to expand our Impala Terminals portfolio with refined products assets in South America, which complement our existing portfolio of fluvial assets on the Paraná-Paraguay River.'

The transaction is expected to close by January 2020.



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Terminal News
October 23, 2019
Rangeland Midstream starts pipeline construction
Rangeland Midstream Canada has started construction work on its Marten Hills Pipeline System.The system consists of new crude oil and condensate pipelines located in the Marten Hills region of north central Alberta. The Marten Hills Pipeline System will extend 85 kilometers, terminating at an interconnect with Plains Midstream Canada's Rainbow Pipeline System, which serves the Edmonton, Alberta hub and refining market...

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Rangeland Midstream Canada has started construction work on its Marten Hills Pipeline System.

The system consists of new crude oil and condensate pipelines located in the Marten Hills region of north central Alberta. The Marten Hills Pipeline System will extend 85 kilometers, terminating at an interconnect with Plains Midstream Canada's Rainbow Pipeline System, which serves the Edmonton, Alberta hub and refining market.

The Marten Hills system is expected to come into services in the second quarter of 2020.

The system is anchored by long-term transportation agreements with three of the region's largest crude oil producers, who have made a combined minimum volume commitment representing 40% of the system's capacity. The agreements span a 450,00-acre area of mutual interest dedicated to the Marten Hills system.

Rangeland Canada vice president of business development Briton Speer says: 'Rangeland Canada is excited to announce that we have received all of the required permits and regulatory approvals that allow us to begin clearing rights of way in advance of pipeline construction, which is expected to begin later this month.

'The Marten Hills system will alleviate infrastructure bottlenecks and allow us to provide our customers with flow assurance and the safe, high-quality transportation services they need to access the best markets.'



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Terminal News
October 23, 2019
CLH Aviación has started operation of aviation fuel storage resources and into-plane fuelling services at Ciudad Real airport.The company has been selected by Ciudad Real International Airport, the organisation that owns and manages the airport, through its subsidiary South Madrid International Airport, for the provision of these services over the next two years after a negotiation phase with different agents...

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CLH Aviación has started operation of aviation fuel storage resources and into-plane fuelling services at Ciudad Real airport.

The company has been selected by Ciudad Real International Airport, the organisation that owns and manages the airport, through its subsidiary South Madrid International Airport, for the provision of these services over the next two years after a negotiation phase with different agents.

Into-plane fuelling includes filling and emptying the aircraft tank as well as loading aviation fuels.

Ciudad Real is the first private equity international airport in Spain intended for public use. After its reopening, it mainly performs maintenance operations and private flights, but it is expected that in the short term it will also operate cargo and commercial flights.



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Terminal News
October 23, 2019
Pieridae Energy closes midstream & upstream asset acquisition
Pieridae Energy has closed its acquisition of all of Shell Canada Energy's midstream and upstream assets in the southern Alberta Foothills for $190 million.Further to the $10 million deposit paid at signing of the purchase and sale agreement, on closing, Pieridae paid to Shell $165 million of the purchase price of the acquisition in cash...

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Pieridae Energy has closed its acquisition of all of Shell Canada Energy's midstream and upstream assets in the southern Alberta Foothills for $190 million.

Further to the $10 million deposit paid at signing of the purchase and sale agreement, on closing, Pieridae paid to Shell $165 million of the purchase price of the acquisition in cash.

CEO Alfred Sorensen says: 'We are very pleased to close this transformational acquisition as it secures the majority of the natural gas needed, once developed, to supply the first train at our Goldboro LNG facility for at least 20 years.

'We will now complete our negotiations with Kellogg Brown and Root for a fixed price contract to construct the Goldboro LNG facility so that we can then proceed to complete the project financing and final equity raise and make a final investment decision.'

With the acquisition, Pieridae now has an extensive drilling inventory encompassing multiple dry gas and liquids-rich gas reservoirs within the Foothills area. Together with existing Foothills drilling and development experience within the company, Pieridae is well positioned to leverage the $1.5 billion of the government-backed guarantees for the construction of the Goldboro LNG facility, which the Germany government has also approved in principle.

'There are additional opportunities to develop our liquids-rich areas, process the sour gas, strip out the liquids, store the dry gas and then further develop our dry gas resources down the road,' Sorensen adds.



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Terminal News
October 23, 2019
DTE Midstream acquires gathering system & pipeline
DTE Midstream is set to acquire a gathering system and gathering pipeline in the resurging Haynesville shale formation of Louisiana for $2.25 billion.DTE will acquire 100% of the midstream assets from Momentum Midstream and Louisiana's largest gas producer Indigo Natural Resources...

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DTE Midstream is set to acquire a gathering system and gathering pipeline in the resurging Haynesville shale formation of Louisiana for $2.25 billion.

DTE will acquire 100% of the midstream assets from Momentum Midstream and Louisiana's largest gas producer Indigo Natural Resources. Assets that are part of the acquisition include an existing gathering system with 1.2 Bcf/d capacity and a 150-mile, 36" gathering pipeline under construction, which will be in service in the second half of 2020.

The company says that the acquisition has several key strategic and financial benefits. The assets in Louisiana's highly-economic Haynesville shale basin will enhance DTE Midstream's business and provide access to growing Gulf Coast markets. The assets serve multiple markets, including Louisiana, and the growing Gulf Coast where demand for natural gas is rapidly increasing in the power, industrial, pet chem and LNG export sectors. Haynesville provides the next opportunity for DTE to create significant value with its midstream assets in a high-quality basin.

Jerry Norcia, president and CEO of DTE Energy, says: 'DTE's non-utility operations continue to grow, perform well and fit nicely into our planned utility and non-utility mix. This acquisition significantly enhances the strength and diversity of DTE Midstream, adding premium assets in one of the fastest growing and best positioned US shale formations.

'This acquisition is highly accretive, has world-class resources, has excellent access to large markets, and is in the early to mid-cycle development phase. It checks all of our boxes.'

The transaction is expected to close in the fourth quarter of 2019.



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Terminal News
October 23, 2019
Gas & Oil Pakistan inaugurates oil storage terminal
Gas & Oil Pakistan has opened its new oil storage terminal in Mahmoodkot, Punjab, the largest facility of any oil marketing company in Punjab.Syed Jamal Baquar, SEVP and group chief corporate and investment banking group, National Bank of Pakistan, congratulated GO, its leadership and partners on setting up the largest oil storage facility in Punjab...

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Gas & Oil Pakistan has opened its new oil storage terminal in Mahmoodkot, Punjab, the largest facility of any oil marketing company in Punjab.

Syed Jamal Baquar, SEVP and group chief corporate and investment banking group, National Bank of Pakistan, congratulated GO, its leadership and partners on setting up the largest oil storage facility in Punjab.

He recognised GO's contribution to the national building agenda and its CSR causes. He also appreciated the GO business strategy and regarded it as an upcoming brand of choice for consumers.



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Terminal News
October 16, 2019
DJ South Gathering announces crude oil pipeline expansion
DJ South Gathering is expanding its crude oil gathering and transportation system in the DJ Basin with a series of pipeline projects.The Badger Pipeline, one of three large diameter transmission lines currently being constructed by DJS, started receiving crude oil this month...

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DJ South Gathering is expanding its crude oil gathering and transportation system in the DJ Basin with a series of pipeline projects.

The Badger Pipeline, one of three large diameter transmission lines currently being constructed by DJS, started receiving crude oil this month. With a throughput of 90,000 barrels per day, Badger transports production from southwestern Weld County and deliver into 300,000 barrels of dedicated crude oil storage at Platteville, the key crude oil hub within the DJ Basin in northeastern Colorado.

The DJS system includes the 220,000 barrel per day Matador pipeline, Bennet Station, the 150,000 barrel per day bi-directional Freedom pipeline and the Platteville storage and distribution network. Matador is due to be in service in late 2019. Bennet Station provides truck and gathered barrel origination into Matador, and crude qualities are segregated into onsite tankage. Freedom pipeline is the bi-directional, large diameter transmission line that will link Platteville to Lucerne West. This is the delivery point of ARB's existing Platte River gathering system in the northern DJ.

At Platteville, DJS is developing a header system that interconnects with multiple long-haul takeaway pipelines and delivers crude oil to downstream markets.



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Terminal News
October 16, 2019
Enterprise to expand ATEX ethane pipeline
Enterprise Products Partners will expand its Appalachia-to-Texas ethane pipeline based on customer commitments following a successful open season.The 1,200-mile ATEX pipeline transports ethane from the Marcellus/Utica Basin of Pennsylvania, West Virginia and Ohio to Enterprise's natural gas liquids storage complex in Mont Belvieu, Texas...

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Enterprise Products Partners will expand its Appalachia-to-Texas ethane pipeline based on customer commitments following a successful open season.

The 1,200-mile ATEX pipeline transports ethane from the Marcellus/Utica Basin of Pennsylvania, West Virginia and Ohio to Enterprise's natural gas liquids storage complex in Mont Belvieu, Texas.

Michael 'Tug' Hanley, senior vice president, pipeline and terminals for Enterprise's general partner, says: 'The success of the open season reflects the demand for additional, reliable ethane takeaway capacity from the Appalachian region of the country. The expansion of ATEX will facilitate growing production from the Marcellus/Utica Basin and will provide access to attractive markets on the Gulf Coast through Enterprise's integrated midstream network.'

Enterprise is currently evaluating expansion alternatives to increase capacity of the current 145,000 barrels per day pipeline by 45,000 barrels per day. The incremental capacity is expected to be achieved through improvements and modifications to existing infrastructure. The incremental capacity will be available by 2022.



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Terminal News
October 16, 2019
A Mediterranean outlook
The strategic benefits of the Mediterranean region as a southern regional hub for the petrochemical and chemical supply chain in Europe will be the key focus of the third hub day workshop.Following on from the success of previous editions, the next hub day will further explore the unique advantages of the Mediterranean for liquid bulk activity as well as the outlook for key product flows in the region...

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The strategic benefits of the Mediterranean region as a southern regional hub for the petrochemical and chemical supply chain in Europe will be the key focus of the third hub day workshop.

Following on from the success of previous editions, the next hub day will further explore the unique advantages of the Mediterranean for liquid bulk activity as well as the outlook for key product flows in the region.

The workshop aims to gather key experts and professionals from across the supply chain to identify what should be improved to increase the competitiveness of the region and help it become a sustainable alternative to the ARA.

The Port of Tarragona, along with the Tarragona Chemical Companies Association, is situated within the ChemMed cluster, a Mediterranean industrial, logistical, academic and scientific chemical cluster, which is actively promoting the regions chemical parks and facilities.

This year delegates will gain insights on the outlook for petroleum product flows in the Mediterranean area, the current chemical liquid bulk trends, perspectives from shipper, haulier and storage representatives, an outlook on intermodal transport developments, presentations from the ports of Tarragona and Marseille as well as an Italian port and the advantage of Mediterranean ports compared to the ARA for the liquid bulk supply chain.

Additionally, delegates will also be given a tour of the port of Tarragona and its facilities as well as taking part in a speed networking session.

Speaking to Tank Storage Magazine, Genoveva Climent, commercial and business development director at the Port of Tarragona, says: 'We want to continue to provide a platform for those of us that share the same vision, interests and assets and collaborate to help capture new flows for the Mediterranean region.

'We believe that the region has a great deal of potential and can play a key role as a logistics platform for the petrochemical supply chain. The insights that have been shared and discussed at previous hub days have helped provide a better understanding of what can be done to elevate the attractiveness of the region and we want to continue that debate.'

The hub day will take place in Tarragona, Spain on November 21 and 22. For more information visit www.hubdaytarragona.com.



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Terminal News
October 15, 2019
Stolthaven Terminals reports stable financials
Stolthaven Terminals has reported solid revenue and utilisation rates in its third quarter financials as storage markets remained stable.Third quarter revenue for the terminal division of Stolt-Nielsen was $62.9 million compared with $63.1 million in the second quarter of 2019...

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Stolthaven Terminals has reported solid revenue and utilisation rates in its third quarter financials as storage markets remained stable.

Third quarter revenue for the terminal division of Stolt-Nielsen was $62.9 million compared with $63.1 million in the second quarter of 2019. Utilisation at its wholly owned terminals was unchanged at 91%, with average storage and throughput revenue per cubic meter up slightly.

Its third-quarter operating profit of $19.5 million included a $0.6 million gain on the sale of Stolthaven's terminal in Altona, Australia. Equity income from joint ventures increased by $0.4 million in the quarter, driven by increased utilisation at the division's joint venture terminal in Antwerp, Belgium.

Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen, says: 'At Stolthaven, we expect continued improvements in our results, driven by increased capacity and enhancements in operational performance and efficiency.

'The implementation of the IMO 2020 regulations to reduce sulphur oxide emissions is now less than three months away. Based on discussions in recent contract renegotiations, we expect to recover the increase in our fuel costs through bunker-surcharge clauses, thanks to a shared understanding among all parties that it is economically unfeasible for the shipping industry to absorb these costs.'



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Terminal News
October 14, 2019
BPGIC secures land to triple storage capacity
Brooge Petroleum and Gas Investment Company has secured an initial lease agreement for land to more than triple storage capacity at its terminal.This agreement for land in Fujairah will enable the company to carry out its phase III storage expansion and build the remaining 90% of a 250,000 barrel per day greenfield refinery...

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Brooge Petroleum and Gas Investment Company has secured an initial lease agreement for land to more than triple storage capacity at its terminal.

This agreement for land in Fujairah will enable the company to carry out its phase III storage expansion and build the remaining 90% of a 250,000 barrel per day greenfield refinery.

The first 24,000 barre phase of the refinery is being built in an adjacent location and is set to be finished in the first quarter of 2020.

Currently, BPGIC has 400,000 m3 of crude oil products storage and is constructing an additional 600,000 m3 of storage space in its phase II expansion for crude oil. This phase is due to be complete by the second or third quarter of 2020.

The company says in a statement: 'BPGIC expects that phase III alone could add storage and services capacity of 3.5 million m3, the size of BPGIC's projected operations post-phase II, which will be one million m3.

'BPGIC believes it could execute a final lease agreement, which would permit commencing plans and construction, for this land sometime in 2019. Concurrently, BPGIC has had discussions with top global oil majors, which have expressed interest in securing portions of the capacity of a phase III facility.'



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Terminal News
October 14, 2019
Total expands LNG partnership with Adani Group
Total has expanded its partnership with Adani Group that includes several assets across the gas value chain includes two LNG terminals.The partnership between Adani (50%) and Total (50%) has been established to contribute to the development of the Indian natural gas market, which has grown over the last three years by more than 5% per annum...

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Total has expanded its partnership with Adani Group that includes several assets across the gas value chain includes two LNG terminals.

The partnership between Adani (50%) and Total (50%) has been established to contribute to the development of the Indian natural gas market, which has grown over the last three years by more than 5% per annum.

Indian has a target of increasing the share of natural gas in its energy mix to 15% by 2030. The partnership includes two import and regasification LNG terminals, Dharma in East India and potentially Mundra in the West, as well as Adani Gas, one of the four main distributors of city gas in India of which Adani holds 74.8% and of which Total will acquire 37.4%.

Total will bring its LNG and retail expertise and will supply LNG to Adani Gas. Total and Adani will also establish a joint venture to market LNG in India and Bangladesh.

Nicolas Browne, Wood Mackenzie research director, says: 'Total's investment in Adani is undoubtably a show of faith in India's gas demand growth. Gas currently accounts for just under 6% of energy demand in India. Wood Mackenzie forecasts LNG demand will double from some 37 billion m3 in 2018 to reach 75 billion m3 by 2030, equivalent to 7% of the energy mix. LNG will meet approximately 50% of this demand growth, providing a major growth opportunity for Total.'



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Terminal News
October 10, 2019
Record numbers for Tank Storage Asia
Tank Storage Asia 2019 boasted record visitor numbers as terminals, traders, petrochemical producers and equipment suppliers gathered in Singapore.The event saw a 35% increase in visitors this year, attracted by a strong conference line-up, new one-to-one networking opportunities and a whole host of ground-breaking technologies on the show floor...

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Tank Storage Asia 2019 boasted record visitor numbers as terminals, traders, petrochemical producers and equipment suppliers gathered in Singapore.

The event saw a 35% increase in visitors this year, attracted by a strong conference line-up, new one-to-one networking opportunities and a whole host of ground-breaking technologies on the show floor.

Over 50 exhibitors were present on the show floor, with many new names appearing in 2019, including Matrix Applied Technologies, DoveChem, FQE Chemicals and APMS.

The show attracted decision-makers from across the region including representatives from Shell, Saudi Aramco, Total, Dialog, Chevron, BP Singapore, BASF, ExxonMobil, Singapore LNG, Horizon, Thai Oil Group, Rotary Engineering, Cargill, Neste Singapore, Pertamina, Odfjell Terminals and many more.

'It is a good event to meet with the industry's key players,' says Vincent Quek, regional manager at Dixon Valve. 'It saves us time and resources to meet in one place.'

Insights from industry leaders

The two-day conference programme featured speakers from key terminals in the region, including Vopak, Stolthaven and Oiltanking, who discussed crucial topics ranging from new sustainability initiatives, innovations and first-hand experiences on implementing new safety case regulations.

Edwin Ebrahimi, innovation engagement leader at Vopak spoke about the significant shift in innovation the terminal has seen in the last five years – from exploring proof of concepts in 2015 to having innovation truly embedded in the company's culture by 2020.

In this time Vopak has explored drones, wireless open and close sensors, digital checklists and remote-operated vehicles. 'We don't innovate for the sake of it,' Ebrahimi explained. 'First and foremost, we introduce new technology to create a safer environment at our terminals.'

'The industry has a joint responsibility to continue improving its safety performance. Sharing stories of successful deployments of innovations at events such as Tank Storage Asia helps raise awareness and speeds up the acceptance of innovation in our industry.'

Innovation and forward-thinking were key themes throughout the event, with Mark Stuart, the conference keynote speaker, giving a presentation on how the tank storage industry can move into the digital age.

Stuart asked the audience for their input on what is most important when it comes to driving the tank storage sector forward, and responses included the use of drones as well as ensuring companies 'fail fast' when it comes to testing out new initiatives.

He spoke about data being the next big commodity, saying that companies need to invest in data and have a comprehensive data strategy to ensure results.

Mark Lim, commercial manager at Stolthaven, along with Chye Poh Chua, CEO at ShipsFocus provided a unique insight into how Stolthaven is already using big data to its advantage. The partnership has been able to collect and use data to improve jetty scheduling - identify and reduce wait times, reduce demurrage and improve utilisation.

'This is the perfect event for the terminal industry,' Lim said. 'It's a great way of getting the industry together – terminal operators, our customers, and vendors – to share experiences. It has been a great success and we'll definitely be back next year.'

New business opportunities

With the event held just days after the drone strikes that knocked out half of Saudi Arabia's oil supply, it is no surprise that geopolitical tensions and volatile market conditions featured highly in the conference room.

Paul Hickin, associate director at Platts spoke of the fragile balance between supply & demand in today's marketplace. Oil demand worries continue in the wake of the global slowdown and the recession risk is now at 35%, Hickin explained. However, IMO2020 could provide a demand spike and oil demand growth could remain above 1 million b/d in 2019 and 2020.

S&P Global Platts predicted that oil prices are likely to break out of the $55-$65/barrel range, more likely testing the high of $70/barrel, if not up to $80/barrel. However, longer-term prices will head back to an average of around $55/barrel.

Sushant Gupta, director of Asia-Pacific refining at Wood Mackenzie echoed this, adding that product imbalances and changes to trade flows represent significant new opportunities for storage operators.

Gupta also spoke of the significant slowdown in oil demand growth, with current world demand growth at its slowest level for the past 10 years. Added to this, demand for gasoline is also expected to slow post-2030, as a result of higher penetration of electric vehicles & better fuel efficiency.

Overbuilding of refineries has created further imbalances, with around 3 million bpd of surplus capacity expected over the next 5 years.

The conference was attended by terminals, oil majors, analysts and regulators from across the region. 'The Tank Storage Asia conference provided us with an insight into the regional and global storage market' says Ramadan Fan, domestic marketing consultant at Saudi Aramco. 'This gave us the opportunity to connect with peers from across the industry'

New initiatives for 2019

Tank Storage Asia introduced TSA Connect, a one-to-one networking platform, which proved a huge success with exhibitors and visitors alike. Over 1,550 meeting requests were submitted through the networking platform in the lead-up to the event.

'This networking platform was a great addition to this year's Tank Storage Asia,' says Jon Verlander, regional sales manager at Saferack, 'It has helped us meet the people we needed to see at the show.'

This year's show attracted visitors from across the region, including Singapore, Malaysia, Indonesia, China, Vietnam, Australia, Thailand and the Republic of Korea.

'The southeast Asia market is a large market for us, but we don't have a lot of penetration here,' says Jeff Heath, general manager at Matrix Applied Technologies. 'Historically we've done very well in the region and we're looking to grow the business in the very near future. Tank Storage Asia helps us do this. This event pulls in the people we need to talk to in order to help us become more recognised in this region.'

After such a successful show, planning has already started on next year's event, which will be held on 7 & 8 October at the Marina Bay Sands in Singapore. Find out more at www.tankstorageasia.com



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Terminal News
October 10, 2019
Vopak divests Algeciras terminal to First State Investments
Vopak has sold all shares in Vopak Terminal Algeciras after acquiring to 20% of shares held by minority shareholder Vilma Oil.Once the transaction, valued at €125 million, is complete, it is expected to generate a net pre-tax cash inflow for Vopak of €120 million at completion...

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Vopak has sold all shares in Vopak Terminal Algeciras after acquiring to 20% of shares held by minority shareholder Vilma Oil.

Once the transaction, valued at €125 million, is complete, it is expected to generate a net pre-tax cash inflow for Vopak of €120 million at completion. The total expected exceptional gain before taxation will be around €10 million.

The news follows the sale of Vopak's terminals in Hamburg and Amsterdam to First State, which have been rebranded to Evos Hamburg and Evos Amsterdam respectively.



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