Vopak Completed 50% Acquisition of EemsEnergyTerminal

SEATTLE (Oil Monster): Vopak- the Dutch multinational company provided an update of its portfolio. The company announced successful completion of 50% acquisition of EemsEnergy Terminal- the LNG terminal located in the Eemshaven, the Netherlands. The acquisition follows the principle agreement reached in April this year.

The acquisition is at an investment of just above EUR 80 million, which will be paid in two instalments- one in Q4 2023 and next in Q2 2024. The acquisition will contribute to operation cash return for the rest of the year and will have limited impact on the company’s full year 2023 EBITDA outlook.

The floating LNG terminal in the Eemshaven area was developed by Gasunie with the aim of boosting gas supply security and reducing the dependency on Russian gas. The terminal, which has been operational since 15th September, 2022, accounts for almost one-fourth of the Netherland’s total gas demand.

The current capacity of the terminal is 8 billion cubic meter (bcm) per year, which Vopak and Gasunie plan to raise to 10 bcm per year. In addition, the partners aim to develop the terminal so as to facilitate import of green hydrogen.

The company press release also noted that Vopak has completed the sale of its three chemical terminals in Rotterdam, with a combined operational capacity of 1.4 million cbm.