Vopak said it has completed the divestment of its 49% equity share in the joint venture Vopak SDIC Yangpu Terminal in Hainan, China. The terminal has a storage capacity of 1,339,000 cubic metre (cbm) for the storage of crude and petroleum products.
The divestment is the outcome of the strategic review of the terminal, announced in February 2018.
Vopak’s growth strategy is directed towards chemical (industrial) terminals and gas markets, while facilitating the increasing demand for fuels in emerging countries.
On 4 November 2019, Vopak announced that it will develop a joint venture industrial terminal to provide storage and handling services for the chemical manufacturing plants in the Qinzhou Chemical Park in southwest China, as poor oil terminal performance and new marine fuel regulations hurt its core profit. This industrial terminal, in which Vopak will hold a 51% share, will have an initial capacity of 290,000 cbm and is expected to be commissioned mid-2021. Its partners include Shanghai Huayi Group Investment Co. and Guangxi Qinzhou Linhai Industrial Investment Co.
On the same day, Vopak said that it will expand the Vopak Terminal Linkeroever in the Port of Antwerp in Belgium with 50,000 cbm for chemical products. The Port of Antwerp is one of the main industrial clusters in Western Europe. The additional storage capacity is expected to be commissioned in mid-2021.
Further, it said it will expand Vopak Terminal Altamira in Mexico with 40,000 cbm for chemical products. The expansion will facilitate the growing import of chemical products in Mexico and is expected to be commissioned in the second half of 2021.
Vopak reported an occupancy rate of 84% in the third quarter of 2019, compared with 86% during the same period a year ago of 86%, reflecting planned temporary conversion activities related to IMO 2020 readiness and ongoing market conditions at oil hub terminals.
Royal Vopak is the world’s leading independent tank storage company. Vopak is listed on the Euronext Amsterdam and is headquartered in Rotterdam, the Netherlands. Including its joint ventures and associates, Vopak employs more than 5,500 people globally. As of 4 November 2019, Vopak operates a global network of 68 terminals in 23 countries located at strategic locations along major trade routes, with a combined storage capacity of 35.5 million cbm.