Zenith Energy has announced that it has signed an agreement to acquire a liquids storage terminal facility in Amsterdam from BP plc. Zenith anticipates taking ownership of the terminal by the end of 1Q16, following a transition process.
The terminal assets are strategically located on the North Sea Canal in the Amsterdam, Rotterdam and Antwerp (ARA) region. This region represents the largest concentration of refining capacity in Europe and one of the largest refined product trading hubs in the world. The facility has storage capacity of more than 6 million bbls for gasoline, ethanol, middle distillates, biodiesel, kerosene and LPG with capabilities for sophisticated blending; connectivity for ocean vessels, inland waterways and trucks; deep draft to service oceangoing tankers up to 135 000 t with multiple berths for barges and ships. The facility has the leading truck loading facility in Amsterdam and significant room for expansion projects. It is also an approved delivery point for ICE gasoil futures contracts.
Jeffrey R. Armstrong, CEO of Zenith, commented: "We are pleased to acquire these terminaling assets, which have unique capabilities and are strategically located in the ARA region. We look forward to working with our new colleagues in Amsterdam and bringing our collective expertise together to the benefit of customers."
This acquisition increases Zenith's geographic expansion, following its acquisition of the Bantry Bay terminal in West Cork, Ireland from Phillips 66 in February 2015.
Zenith is pursuing opportunities to buy, build and operate petroleum liquids and petrochemical terminals and related logistics including distribution assets that support terminals, such as pipelines, truck racks and barges, primarily in Latin America, the Caribbean, Europe and Africa.
BP is expected to remain a significant customer of the terminal after transferring ownership to Zenith.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/refining/02022016/zenith-energy-acquires-terminaling-assets-from-bp-2362/