Vopak has updated its portfolio
Published by Oliver Kleinschmidt,
Editorial Assistant
Hydrocarbon Engineering,
Vopak has provided an update on its portfolio related to the successful completion of the 50% acquisition of EemsEnergyTerminal and completion of the sale of the three chemical terminals in Rotterdam.
This update is in line with the Vopak strategy to improve its financial and sustainability performance, to grow its base in industrial and gas terminals, and to accelerate towards new energies and feedstocks.
50% acquisition of EemsEnergyTerminal
Vopak has completed the principle agreement that was announced in April 2023 and has become a 50% shareholder in EemsEnergyTerminal, an LNG import terminal of 8 billion m3py located in the Eemshaven in the Netherlands. This terminal has been operational since September 2022.
Gasunie and Vopak are working to increase the capacity further towards 10 billion m3py, highlighting the commitment of the partners to jointly develop and operate open access LNG infrastructure and contribute to the energy security of Europe. The partners are planning the further development of the Eemshaven site to facilitate the import of green hydrogen.
The total investment by Vopak to acquire 50% of EemsEnergyTerminal was just above €80 million with cash out in two installments in 4Q23 and in 2Q24. The acquisition will positively contribute to Vopak’s operating cash return for the remainder of the year and has limited impact on the Vopak full year 2023 EBITDA outlook.
Sale of three chemical terminals in Rotterdam
Vopak has completed the sale of its three chemical terminals in Rotterdam (Botlek, TTR and Chemiehaven) to Infracapital for a total purchase price of €407 million including a conditional deferred payment of €19.5 million. Total cash receipt net of transaction costs and net debt items at closing is €372 million. The combined operational capacity of the three terminals is 1.4 million m3.
Dick Richelle, CEO of Vopak said: “The successful completion of this acquisition and divestment supports our strategic goals and positions the portfolio towards higher and long term cash returns. It grows our footprint in gas and gives the opportunity to accelerate towards new energies in the future. Vopak's unique global portfolio and partnerships strategically position us to leverage the strong market fundamentals and energy transition opportunities. We are proud to be leading the way in providing infrastructure solutions that are and will be essential to the economy and the daily lives of people around the world."
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/05122023/vopak-has-updated-its-portfolio/
You might also like
AMETEK Land helps ethylene producer improve and optimise furnace operations
AMETEK Land has provided a large US ethylene producer with 28 thermal imagers to provide continuous temperature measurements for optimum process control in its four cracking furnaces.