Vopak NV, Rotterdam, The Netherlands, has reached an agreement with Chicago IL-based GATX Corp on the acquisition of the latter's tank storage interests in Asia. They include facilities in Singapore, Malaysia, China, and Japan, according to information from Vopak.
The agreement includes GATX's 50 percent shareholding in GATX Terminals (Jurong) Pte Ltd in Singapore with a capacity of 152,000 million cubic barrels (cbm). Through this company, in which the Port of Singapore Authority and Jurong Town Corporation also participate, Vopak will indirectly obtain a 30 percent interest in Malaysia based Kertih Terminal (395,000 cbm capacity) and a 60 percent share in the Chinese Shandong Lanshan Terminal (capacity 96,000 cbm).
Vopak will acquire a 40 percent shareholding in Nippon GATX Co Ltd. This Japanese company owns three chemical terminals in Kawasaki, Kobe, and Yokohama with an aggregate capacity of 136,000 cbm.
These transactions are in line with Vopak's strategy to build and strengthen its position in Asia through selective investments in existing core businesses, according to the company information.
The acquisition of the Singapore company will enable Vopak to provide a full service offering to the chemical industry in the hub-location of Singapore. It will be an addition to Vopak's presence in Singapore through its Sebarok terminal, primarily serving the market for petroleum products, and the industrial terminal Sakra, primarily linked to the surrounding chemical production plants.
The association with Petronas, Malaysia's State Oil Company, in the Kertih terminal gives Vopak an entrance to the chemical complex in that country.
The interest in the Japanese joint venture with Nippon Express and Nagase will provide Vopak a foothold in three chemical production locations in Japan with a diversified customer base.