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Royal Vopak, Greenergy, and Shell UK Ltd. reached an agreement yesterday, June 26, with the joint administrators of Petroplus Refining & Marketing Limited, to purchase assets of the former Coryton refinery.

The three companies plan to develop and invest in a state-of-the-art import and distribution terminal to be managed by Vopak. The initial storage capacity will be around 500,000 cubic meters (cbm), with potential to expand to up to 1 million cbm in later stages.

Vopak, Greenergy and Shell will be equal shareholders of the new joint venture, which will acquire and develop the assets and the site.

After reaching final agreement on the future design and operational capabilities, Vopak, on behalf of the joint venture, will execute the development of the new facility and operate the terminal when the works have been completed. Greenergy and Shell will sign long-term contracts with the joint venture. The deep water import terminal is set to play an important role in the supply of oil products to the UK.

The investment will be used to convert components of the current refinery infrastructure for use as an import terminal. This will involve operational, technical, safety and environmental enhancements to the current infrastructure, including modern blending technology.

Eelco Hoekstra, Chairman of the Executive Board of Vopak commented: "Following the developments in the refining industry in the current market, we look forward to teaming up with our partners Greenergy and Shell and developing this facility into a state-of-the-art import and distribution terminal at this strategic location, ensuring safe and efficient operations for the UK market."

Graham van't Hoff, Chairman, Shell UK said: "This move will provide a long term, secure supply for our customers in the UK and will support the recent expansion of our retail network, delivering competitive supply chain costs."