Vopak's Bajan business

Royal Vopak and First Reserve Corp have agreed to enter into a joint venture to run the Bahamas Oil Refining Co (Borco) oil terminal in the Bahamas. First Reserve has agreed to buy the 3m m3 facility from Petroleos de Venezuela (PdVSA); this deal is due to close in the second quarter. After that, Vopak will take a 20 per cent shareholding and will operate the terminal, to be known as Vopak Terminal Bahamas.

The Borco terminal in Freeport is the biggest oil storage facility in the Caribbean, being equipped with 73 storage tanks. There is further room for expansion, Vopak says, raising the possibility of bringing capacity up to 5 million m3. The terminal has deepwater offshore jetties for handling the very largest tankers, as well as blending, bunker supply and transhipment capabilities.

John Paul Broeders, chairman of the Vopak Executive board, says "I believe this terminal has a lot of potential to serve a greater number of customers, with a focus on the large nearby US market for petroleum products." First Reserve's chairman and CEO, William Macaulay, explains: "We seek the best partners to offer services. Vopak will add to the strong local management team and employee base to optimise and upgrade the existing facility to provide the highest quality standard of service for existing and new tenants."

Telephone (+31 10) 400 2911 Fx 413 9829

www.vopak.com

Telephone (+44 20) 7930 2120 Fx 7930 2130

www.firstreserve.com