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Storage terminal operator Royal Vopak has completed its announced sale of Vopak Holding UK, comprising Vopak's 33.3 percent investment in the joint venture that owns Thames Oilport (formerly Coryton refinery) and Thames Enterprise Park, to existing shareholder Greenergy. As a result of the deal, Greenergy's stake in Thames Oilport has risen to 66.6 percent, whilst Shell retains its existing third share.

The joint venture Thames Oilport is under development and has not yet been commissioned. It is expected to have an initial capacity of 175,000 cubic metres and to be used mainly for storing diesel, according to Greenergy CEO Andrew Owens, who spoke to Reuters in December and said the terminal would gradually expand to become Britain's largest oil products facility.

The Thames Oilport deal is the first of two transactions regarding the sale of all of Vopak's UK assets to Greenergy and Macquarie Capital. In the second transaction, a joint venture between Macquarie Capital and Greenergy has been created, called Navigator Terminals, which will hold the assets of the three wholly owned terminals: Vopak Terminal London, Vopak Terminal Teesside and Vopak Terminal Windmill. The deal is expected to be completed by the end of the first quarter of 2016.

Vopak Terminal London, located at West Thurrock, Essex, on the Thames, is the largest of Vopak's terminals in the UK and has a total storage capacity of between 367,365 cubic metres and 379,044 cubic metres, with 86 tanks storing petroleum products, chemicals and liquefied gas.

Vopak Terminal Teesside in Seal Sands, Middlesbrough, has a total storage capacity of 287,000 cubic metres and 168 tanks storing petroleum products, bitumen, liquefied gas, chemicals and vegetable oils.

Vopak Terminal Windmill, located in Barry, near Cardiff, has a storage capacity of 42,000 cubic metres and 12 tanks storing mainly chemical products.

In addition to the three Vopak terminals, the operational storage assets of Greenergy North Tees in Teesside brings Navigator's initial storage capacity to approximately 1.5 million cubic metres, making it the UK's largest independent bulk liquid storage provider.

Commenting on the UK divestment in December, Vopak explained: "The cash and debt free enterprise value of the divestment of Vopak's UK assets amounts to GBP 335 million and the transaction is expected to generate a net cash inflow of approximately GBP 300 million. From a financial reporting perspective the total exceptional gain will be approximately GBP 200 million and will be recognized in 2016. The final proceeds will be determined as per the completion date.

"The proceeds from this transaction will be used to further strengthen Vopak's flexibility to execute its selective capital disciplined growth strategy and to support its consistent dividend policy, while maintaining a robust financial position."