Royal Vopak has today confirmed that it has completed the sale of three terminals and a plot of land in the United States to energy infrastructure company
Kinder Morgan Inc..
The three facilities are: Vopak Terminal North Wilmington and Vopak Terminal South Wilmington - both located in the state of North Carolina - and Vopak Terminal Galena Park, located in the state of Texas. The combined operational capacity of these terminals is 300,750 cubic metres (cbm). This does not include the capacity of Vopak Terminal South Wilmington (50,000 cbm), which was idled by Vopak in October 2013 and has not been in operation since then.
The plot of land included in the divestment package is located in Perth Amboy, New Jersey.
The agreed acquisition price, based on the debt-free enterprise value of the terminals and land, amounts to approximately $158 million. The gross proceeds are subject to US capital gain tax.
From a financial reporting perspective, Vopak said earlier this month that the divestments will be reported in 2015 as an exceptional gain before tax of approximately $65 million.
"The transaction result will be reported in the Q1 2015 Trading Update on 22 April 2015," Vopak confirmed in its statement today.
Royal Vopak is the world's largest independent tank storage company by capacity, specialized in the storage and handling of oil products, liquid chemicals and gases. It curently operates 78 terminals in 28 countries with a combined storage capacity of 33.5 million cbm, with another 6.2 million cbm under development, to be added by 2019.
