(EnergyAsia, September 30 2014, Tuesday) — Dutch oil and chemical logistics giant Royal Vopak said it has completed the acquisition of a 30% stake in a 890,000 cubic metre (cbm) petrochemicals storage terminal in Gulei in China’s Fujian province.
Commissioned last year, the renamed Vopak Terminal Haiteng was launched after the Dutch firm said it completed regulatory approvals and registrations for the share transfer agreement with Xianglu Petrochemical (Zhangzhou) Co Ltd that included its acquisition of a 30% equity interest in Zhangzhou Gulei Haiteng Jetty Investment Management Company Limited.
Vopak said the new company has secured long-term contracts to provide logistical and storage services to two petrochemical plants through pipelines. Located in Gulei Industrial Park, which has one of China’s best natural deepwater ports, the Haiteng terminal is supported by Beijing and the Fujian provincial government in its quest to attract more petrochemicals investment into the park.
With its latest investment, Vopak’s has expanded its 8.5 million cbm storage capacity in Asia to 9.3 million cbm.