Tue 25 May 2010, 07:55 GMT

Tank operator seeks financial partners - sources


Leading storage firm looking to sell minority stake in project to develop Dutch oil terminal facility.



Leading tank storage operator Vopak is reported to be interested in selling a minority interest in its project to develop an oil terminal facility in Eemshaven, Netherlands, according to Reuters.

Dutch firm Vopak is understood to be looking for financial partners to help finance the strategic oil terminal project, which it is designing to store strategic reserves for European governments.

The new facility is planned to be developed in phases, with the initial construction of 10 tanks of 60,000 cubic metres. This would later be expanded to 46 tanks with a total capacity of 2.76 million cubic metres.

According to market sources, the total cost of the project could be more than 600 million euros (US$745 million).

Before making a final decision regarding investment, Vopak is said to be looking for partners to join the project once in operation. This would mean that investors would not be taking on construction risk.

The project is a low throughput facility, so that product stored at the terminal is not normally moved more than once in two years. This means that it would be less profitable than high throughput facilities, where oil is transferred several times a year.

Elsewhere in the Netherlands, Royal Vopak announced in March that it has decided to expand its storage terminal for oil products in the port of Amsterdam, on which construction started in 2009.

Growing demand for storage, blending and transshipment services for gasoline and other light oil products were cited as the main reasons for Vopak to expand its terminal currently under construction in Amsterdam’s Westpoort industrial zone.

The 620,000 cubic meters of storage capacity provided by phase 1, which is already under construction, will be increased by a further 570,000 cubic meters.

After the phased completion of the terminal between 2011 and 2012, total storage capacity will be approximately 1.2 million cubic meters.


Person signing a document. Venture Energy signs green methanol supply deal with Shenji Energy  

Hong Kong-based firm to purchase ISCC EU-certified biomass-derived methanol for shipping clients.

Steel cutting ceremony of vessel with builder's hull no. CHB2060. Changhong International begins construction on second 11,400-teu LNG dual-fuel container ship  

Chinese shipbuilder starts work on vessel CHB2060, second of 18-ship series for Oceanroutes.

Keel-laying ceremony of Celsius. Keel laid for LNG bunkering vessel Celsius  

Turkish shipbuilder begins construction of dual-fuel bunkering vessel for Sirius Shipping and Gasum.

Marine ISTA alongside MSC Apollo vessel. Vitol’s Marine ISTA completes record 4,900 mt bunkering operation at Karachi Port  

Operation marks largest fuel supply at Pakistani port, highlighting potential for regional bunkering hub development.

Aurora Botnia vessel. Gasum and Wasaline extend bio-LNG supply agreement to 2027  

Nordic energy company renews fuel supply contract with Finnish-Swedish ferry operator through 2027.

Luminara vessel truck-to-ship bunkering. MOL Techno-Trade completes Japan’s first truck-to-ship LNG bunkering for foreign cruise vessel  

Ritz-Carlton cruise ship Luminara refuelled at Nagasaki Port using truck-to-ship method on 3 April.

NKT Eleonora vessel cable-laying. Methanol-ready cable-laying vessel hull launched in Romania  

Shipbuilder floats hull of dual-fuel vessel designed for offshore renewable energy cable operations.

Dr Prapisala Thepsithar, GCMD. GCMD biofuels lead receives Singapore standardisation award  

Dr Prapisala Thepsithar recognised for contributions to marine biofuel specification development.

Marine Energy Wales (MEW) Conference 2026 graphic. Certas Energy to attend Marine Energy Wales conference in April  

Marine fuel supplier to discuss sector solutions at UK marine renewable energy conference.

Dinamo IV vessel. Sanmar completes sea trials for 14th all-electric tugboat  

Turkish shipyard marks half-century in business with latest battery-powered vessel from ElectRA series.