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Royal Vopak : Vopak announces expansion in Pengerang, Malaysia

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by August 18, 2017 General


  * Vopak and its joint venture partners intend to expand their deep water
    independent liquid storage terminal in Pengerang, Johor, Malaysia.
  * The terminal is strategically located in Asia's main oil trading center,
    along the international shipping routes and is pipeline connected to the
    industrial terminal which will be serving the new world-scale refinery and
    petrochemical complex RAPID which is currently being built.
  * The terminal will be expanded with 430,000 cbm to a total capacity of 1.7
    million cubic meters. The expansion is expected to be commissioned
    progressively from Q1 2019. The expansion relates to clean petroleum
    products.

Royal Vopak and its joint venture partners intend to expand their independent
storage terminal, Pengerang Independent Terminals Sdn Bhd (PITSB) in Pengerang,
Johor in southern Malaysia. PITSB will be expanded with 430,000 cbm to a total
capacity of 1.7 million cubic meters.The expansion which is subject to final
formalities, is expected to be commissioned progressively from Q1 2019.

PITSB provides storage, blending and distribution services for crude oil and
clean petroleum products. The expansion relates to the storage of clean
petroleum products. In total, 24 new tanks will be built ranging from 10.000 cbm
to 25.000 cbm. In addition to the extra capacity, one extra berth will be taken
into operation, bringing the total number of operating berths to six. PITSB has
the capability of handling Very Large Crude Carriers.

The Pengerang region is strategically located at the southeastern-most tip of
Johor, along the international shipping routes and is part of the Singapore oil
hub, the main oil trading center of Asia, where there is a growing need for
storage capacity. PITSB is an approved terminal that can be nominated for
Platt's FOB Straits offers.

Another strategic advantage of PITSB is that the terminal is connected with
pipelines to the industrial terminal Pengerang Terminals (Two) Sdn Bhd (PT2SB)
which will be serving the new world-scale refinery and petrochemical complex
currently under construction: the Refinery and Petrochemical Integrated
Development - commonly known as RAPID. Vopak has a 25% share in this industrial
terminal.

This expansion of PITSB is aligned with Vopak's strategy to invest in strategic
hub locations. The growing need for new storage capacity for clean petroleum
products is amongst others based on Asia's growing structural need for gasoline
and jet fuel as well as the growing need for low sulphur diesel/gasoil as a
result of the global low sulphur requirement for shipping (active by 2020) as
set by the International Maritime Organisation (IMO).

Effective shareholding in PITSB is Dialog 45.9%; Vopak 44.1%; State Government
of Johor Darul Ta'zim 10%.

Vopak Profile

Royal Vopak is the world's leading independent tank storage company. We operate
a global network of terminals located at strategic locations along major trade
routes. With a 400-year history and a strong focus on safety and sustainability,
we ensure efficient, safe and clean storage and handling of bulk liquid products
and gases for our customers. By doing so, we enable the delivery of products
that are vital to our economy and daily lives, ranging from oil, chemicals,
gases and LNG to biofuels and vegoils. Vopak is listed on the Euronext Amsterdam
stock exchange and is headquartered in Rotterdam, the Netherlands. Including our
joint ventures and associates, we employ an international workforce of over
5,500 people. As of 18 August 2017, Vopak operates 67 terminals in 25 countries
with a combined storage capacity of 35.9 million cbm, with another 3.2 million
cbm under development, to be added before the end of 2019.


For more information, please contact:


Vopak Press

Liesbeth Lans, Manager External Communication,

Telephone : +31 (0)10 4002777, e-mail: global.communication@vopak.com


Vopak analysts and investors

Anil Acardag, Manager Investor Relations,

Telephone : +31 (0)10 4002776, e-mail: investor.relations@vopak.com


Download full press release: 
http://hugin.info/166669/R/2127896/812660.pdf



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
    
Source: Royal Vopak via GlobeNewswire

 
  

© InPublic, source European Press Releases

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