Vopak invests in Spain

Royal Vopak has bought an 80 per cent interest in Alpetrol from Novaro Invest SA. Alpetrol holds a concession granted by the Algeciras Port Authorities and has obtained all relevant permits for the construction and operation of a bulk liquid storage terminal in the port. The remaining 20 per cent of the shares are held by Vilma Oil, a Spanish company that provides oilrelated logistical and technical services.

The partners plan to pursue construction of a 403,000 m3 bulk liquids terminal in Algeciras, primarily as a bunkering terminal. The port sits on the Strait of Gibraltar, a key transit area and logistical hub.

Vopak has reported a 20 per cent increase in group operating profit to €109.6m in the first quarter. EBITDA rose 26 per cent to €145.4m, despite a slight decline in occupancy to 93 per cent.

John Paul Broeders, chairman of Vopak’s executive board, says: “We experience a robust demand for oil storage services, based on the worldwide imbalances between production and consumption and the increasing number of specifications of oil products. Following higher output of the chemical industry, the global flows of chemical products revived from the sharp drop early last year. Besides the already encouraging market circumstances in Asia, we also notice the first signs of structural recovery of the European chemicals market.”

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