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Vopak and its partner NIBC European Infrastructure Fund (NEIF) have reached an agreement to build and operate a new storage terminal for oil products in the port of Eemshaven, the Netherlands.

For this new Dutch storage facility a joint venture has been established in which both companies are equal shareholders. The terminal will provide services to European governments for the storage of their strategic reserves of liquid oil products, such as crude oil, gasoil and gasoline.

Vopak will operate the new terminal that has an initial storage capacity of 660,000 cubic meters, comprising of 11 tanks with a storage capacity of 60,000 cubic meters each, and a jetty for sea-going vessels.

This capacity has already been rented-out for a long-term period and is expected to be commissioned in the third quarter of 2012. The terminal can be expanded to a total storage capacity of 2.76 million cubic meters in the future.

The joint venture and Groningen Seaports have signed an agreement for the exploitation of 55 hectares of land situated south-west of the Juliana port in the Eemsmond municipality. The terminal will be designed and operated in compliance with European and Dutch environmental standards.

Rabobank acted as financial advisor with regard to the establishment of the joint venture as well as the concluded long-term project financing agreement of the joint venture with ING Bank NV, NIBC and Rabobank. In this financing ING Bank NV acted as Documentation Bank and Facility Agent.