Dutch logistics company Vopak said it has reached in-principle agreement to sell the European interest of its gas shipping company, Chemgas, to Germany’s Reederei Jaegers GmbH for more than Û 45 million. (US$1= Û 0.88)

The sale follows its earlier announced strategic review of all non-tank terminal activities as part of Vopak’s Tank Terminal Plus strategy, the company. Reederei Jaegers GmbH is a leader in inland shipping.

“The labour unions will be informed and the workers council of Chemgas will be asked for advice. Parties expect to come to full agreement before the end of this year,” said a Vopak statement.

The sale of the European activities involves a fleet of 26 inland vessels for industrial gases, two vessels under construction and five vessels for the inland waterways as well as the coastal waters. The company currently operates under the name of Chemgas and will be sold retro-actively effective January 1, 2003.

“It is not expected that the sale will have negative consequences for the approximately 240 employees of Chemgas,” it said.

Also recently agreement was reached with an international shipping company on the sale of the two LPG tankers operating in the Asian waters. The total proceeds of the sale of the gas shipping activities will amount to more than Û 45 million and will result in a limited book loss.