Vopak Sells US Storage Terminal
Dutch multinational storage operator Vopak has agreed to sell its terminal in Savannah, Georgia, USA, to BWC Terminals, a US bulk liquids storage company, for $106 million The Savannah facility mostly stores specialty chemicals, vegetable oils and asphalt.
Commenting on the divestment, Vopak’s chief financial officer Michiel Gilsing said: “The divestment of the Savannah chemical terminal is in line with our strategic goals to improve the financial performance of the portfolio, grow Vopak’s footprint in gas and industrial terminals and accelerate towards new energies. We remain committed to actively manage our portfolio towards infrastructure investments that support the long-term cash flow profile and return ambitions of the company."
Vopak expects to receive net cash proceeds of about $80 million from the sale, which is anticipated to close by June.
Earlier this month, Vopak announced the opening of 16 new storage tanks at its Vlaardingen terminal in the Port of Rotterdam, the Netherlands. The company said it has invested roughly €90 million in new infrastructure to repurpose part of the terminal for waste-based feedstocks, such as biodiesel and sustainable aviation fuel (SAF).
Vopak Vlaardingen has a long-term agreement with Shell to store feedstocks for the latter's new biorefinery in Rotterdam, which will produce SAF and renewable diesel from waste materials such as used cooking oil, waste animal fat and other residual products.
The storage operator has previously announced that it is accelerating its portfolio investments toward new energies and sustainable feedstocks, aiming to allocate €1 billion for such activities by 2030. Vopak is focusing on infrastructure for low-carbon and renewable hydrogen, ammonia, CO2, long duration energy storage and sustainable feedstocks.
Author: Elaine Burridge, Freelance Journalist
