Tue 25 May 2010, 07:55 GMT

Tank operator seeks financial partners - sources


Leading storage firm looking to sell minority stake in project to develop Dutch oil terminal facility.



Leading tank storage operator Vopak is reported to be interested in selling a minority interest in its project to develop an oil terminal facility in Eemshaven, Netherlands, according to Reuters.

Dutch firm Vopak is understood to be looking for financial partners to help finance the strategic oil terminal project, which it is designing to store strategic reserves for European governments.

The new facility is planned to be developed in phases, with the initial construction of 10 tanks of 60,000 cubic metres. This would later be expanded to 46 tanks with a total capacity of 2.76 million cubic metres.

According to market sources, the total cost of the project could be more than 600 million euros (US$745 million).

Before making a final decision regarding investment, Vopak is said to be looking for partners to join the project once in operation. This would mean that investors would not be taking on construction risk.

The project is a low throughput facility, so that product stored at the terminal is not normally moved more than once in two years. This means that it would be less profitable than high throughput facilities, where oil is transferred several times a year.

Elsewhere in the Netherlands, Royal Vopak announced in March that it has decided to expand its storage terminal for oil products in the port of Amsterdam, on which construction started in 2009.

Growing demand for storage, blending and transshipment services for gasoline and other light oil products were cited as the main reasons for Vopak to expand its terminal currently under construction in Amsterdam’s Westpoort industrial zone.

The 620,000 cubic meters of storage capacity provided by phase 1, which is already under construction, will be increased by a further 570,000 cubic meters.

After the phased completion of the terminal between 2011 and 2012, total storage capacity will be approximately 1.2 million cubic meters.


Vessels at sea. Dual-fuel container ship and vehicle carrier fleet reaches 400 vessels  

World Shipping Council reports 83% increase in operational dual-fuel vessels during 2025.

Photograph of a blue cargo vessel. Lloyd’s Register publishes first guidance notes for onboard hydrogen generation systems  

Classification society addresses regulatory gap as shipowners explore producing hydrogen from alternative fuels onboard.

Erasmusbrug bridge in Rotterdam. Rotterdam bunker industry faces upheaval as new regulations drive up costs and shift volumes  

Red III compliance costs and a mass flow meter mandate are creating operational challenges across the ARA region.

Neil Chapman, VPS. VPS appoints Neil Chapman as managing director for the Americas  

Maritime services company names industry veteran to lead regional operations and client partnerships.

Oil refinery infrastructure. Maritime industry shifts towards LNG as alternative fuel enthusiasm stalls  

Geopolitical concerns drive shipping leaders to prioritise established fuels over newer alternatives, survey finds.

OceanScore logo. OceanScore reaches $5m annual recurring revenue as emissions compliance demand grows  

Hamburg-based firm supports compliance workflows for more than 2,500 vessels as regulations enter operational phases.

Jiangnan Shipyard LNG carrier construction contract signing. Jiangnan Shipyard secures order for four LNG carriers from Shell  

Chinese yard to build 175,000-cbm vessels for delivery between 2028 and 2029.

Varsha Sudheer, Island Oil. Island Oil appoints Varsha Sudheer as senior trader in Dubai  

Marine fuel supplier strengthens trading platform with new hire at recently established UAE hub.

Bitoil Group logo. Bitoil Group seeks bunker trader for Dubai operations  

Dubai-based company is recruiting for a senior bunker trader role to manage global fuel sales and procurement.

Hiring concept with puzzle pieces and a magnifying glass. Uni-Fuels seeks bunker traders for new London operation  

Singapore-headquartered firm advertises position as part of UK expansion.





 Recommended