Vopak portfolio update
December 01 2023 - 1:00AM
Vopak portfolio update
Vopak portfolio updateRotterdam, the
Netherlands, 1 December 2023 07:00 CET Today, Vopak provides an
update on its portfolio related to the successful completion of the
50% acquisition of EemsEnergyTerminal and completion of the sale of
the three chemical terminals in Rotterdam. This update is in line
with the Vopak strategy to improve its financial and sustainability
performance, to grow its base in industrial and gas terminals, and
to accelerate towards new energies and feedstocks. Acquisition
50% EemsEnergyTerminal Vopak has completed the principle
agreement that was announced in April 2023 and has become a 50%
shareholder in EemsEnergyTerminal, an LNG import terminal of 8
billion cubic meter (bcm) per year located in the Eemshaven in the
Netherlands. This terminal has been operational since September
2022.Gasunie and Vopak are working to increase the capacity further
towards 10 bcm per year, highlighting the commitment of the
partners to jointly develop and operate open access LNG
infrastructure and contribute to the energy security of Europe. The
partners are planning the further development of the Eemshaven site
to facilitate the import of green hydrogen. The total investment by
Vopak to acquire 50% of EemsEnergyTerminal is just above EUR 80
million with cash out in two installments in Q4 2023 and in Q2
2024. This acquisition will positively contribute to Vopak’s
operating cash return for the remainder of the year and has limited
impact on the Vopak full year 2023 EBITDA outlook.
Sale of three chemical terminals in Rotterdam Vopak
has completed the sale of its three chemical terminals in Rotterdam
(Botlek, TTR and Chemiehaven) to Infracapital for a total purchase
price of EUR 407 million including a conditional deferred payment
of EUR 19.5 million. Total cash receipt net of transaction costs
and net debt items at closing is EUR 372 million. The
combined operational capacity of the three terminals is 1.4 million
cbm. This follows our announcements on the strategic review on 15
February 2023 and on the agreement for sale on 19 September 2023.
Dick Richelle, CEO of Vopak: “The successful completion of
this acquisition and divestment supports our strategic goals and
positions the portfolio towards higher and long term cash returns.
It grows our footprint in gas and gives the opportunity to
accelerate towards new energies in the future. Vopak's unique
global portfolio and partnerships strategically position us to
leverage the strong market fundamentals and energy transition
opportunities. We are proud to be leading the way in providing
infrastructure solutions that are and will be essential to the
economy and the daily lives of people around the world." About
Vopak Royal Vopak is the world’s leading independent tank
storage company. We store vital products with care. Products for
everyday life. The energy that allows people to cook, heat or cool
their homes and for transportation. The chemicals that enable
companies to manufacture millions of useful products. The edible
oils to prepare food. We take pride in improving access to cleaner
energy and feedstocks for a growing world population, ensuring
safe, clean and efficient storage and handling of bulk liquid
products and gases at strategic locations around the world. We are
excited to help shape a sustainable future by developing
infrastructure solutions for new vital products, focusing on zero-
and low-carbon hydrogen, ammonia, CO2, long duration energy storage
and sustainable feedstocks. We have a track record of over 400
years in navigating change and are continuously investing in
innovation. On sustainability, we are ambitious and performance
driven, with a balanced roadmap that reflects key topics that
matter most to our stakeholders and where we can have a positive
impact for people, planet and profit and the United Nations
Sustainable Development Goals. Vopak is listed on the Euronext
Amsterdam and is headquartered in Rotterdam, the Netherlands. For
more information, please visit www.vopak.com For more
information please contact:Vopak Press: Liesbeth
Lans - Manager External Communication, e-mail:
global.communication@vopak.com Vopak Analysts and
Investors: Fatjona Topciu - Head of Investor
Relations,e-mail: investor.relations@vopak.com
- 12-01-2023 Press Release Vopak portfolio update
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