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Wed 18 Nov 2009, 09:56 GMT

Vopak sells storage terminal


Terminal operator says facility has a limited 'strategic fit' with its global network strategy.

Royal Vopak (Vopak) has announced that it has reached agreement with Fluvia Holding BV (Fluvia) and North Sea Petroleum Holding BV (NSPH) on the sale of its terminal in Basle, Switzerland to Fluvia and NSPH.

The terminal in Basle, which currently operates under the name Vopak Terminal Basle, has 62 tanks offering storage capacity of 345,600 cubic meters (cbm) and was 100% owned by Vopak.

Vopak said the river based inland terminal in Basle has a limited strategic fit with its global network strategy focused on owning and operating marine based tank storage terminals in key locations with deep water access facilities.

The transaction of Vopak Terminal Basle will be in the form of an acquisition of all of Vopak’s shares in Vopak Schweiz AG by Fluvia and NSPH. As from today the activities by this Swiss terminal will be continued by the new owners under the name Rhytank.

Acquiring Vopak Terminal Basle will allow Fluvia, an operator for the inland tanker shipping and storage of edible and mineral oils and chemical products, and NSPH, a logistics services provider with trading and sales activities in the downstream oil market, to expand their activities and further strengthen their position in Switzerland, which has been defined as one of their key (growth) markets. Fluvia and NSPH are both established in the Netherlands.

This sale has resulted from a consolidated EBIT perspective in a limited book profit, which will be accounted for as an exceptional gain.

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