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Oil terminal operator Koninklijke Vopak N.V. (Royal Vopak) has announced that it has taken the final investment decision to build and operate a new storage terminal for oil products in the Port of Amsterdam.

The new terminal will provide additional storage capacity to meet the growing demand in the Amsterdam-Rotterdam-Antwerp (ARA) region and will be a boost to local bunker suppliers with the prospect of new vessels calling at the terminal once construction work is completed.

"In the ARA region the Port of Amsterdam plays an important international role as logistical hub for gasoline facilitating product flows between Europe, North America and Asia. As a result of the growing geographical imbalances between supply and demand the new Vopak terminal will offer both existing and new customers an opportunity to strengthen their positions," Vopak said in a statement.

The new terminal will store, blend and handle gasoline, other clean oil products and their components. The terminal with a total potential capacity of over 1.1 million cubic meters will have two jetties for the handling of seagoing vessels with maximum capacity of up to 120,000 DWT and eight berths for the handling of seagoing vessels, coasters and inland barges with a capacity of up to 20,000 DWT.

Vopak and the Amsterdam Port Authority previously signed a lease contract for a 35-hectare site in the Africa harbour in Amsterdam-Westpoort, the western port area.

"Both the Port Authority and Vopak will work closely together in developing the waterfront infrastructure in order to establish a successful operation benefiting the Port of Amsterdam and the North Sea canal area," Vopak said.

Vopak has awarded the construction of the terminal to BAM Leidingen & Industrie, an operating company of Royal BAM Group N.V. The phased construction is planned to start as soon as possible and the terminal is planned to be taken into operation in stages in the second half of 2011.

Commenting on the news, John Paul Broeders, Chairman of the Executive Board of Vopak said "This new terminal will enable Vopak to further improve the services it provides to its international customers and strengthen Amsterdam's position as the leading gasoline blending hub in Northwest Europe. Furthermore, tighter product specifications and increased oil product diversification provide an excellent opportunity for Vopak to invest successfully in this gasoline and clean oil product storage capacity."