Koninklijke Vopak NV, based in Rotterdam, the Netherlands, has reached an agreement with Chicago IL-based GATX Corp on acquiring the latter's tank storage interests in Asia. These include facilities in Singapore, Malaysia, China, and Japan, according to Vopak.
The agreement includes GATX's 50% 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% interest in Malaysia-based Kertih Terminal (395,000-cbm capacity) and a 60% share in the Chinese Shandong Lanshan Terminal (capacity 96,000 cbm).
Vopak will acquire a 40% 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.
Acquisition of the Singapore company will enable Vopak to serve the chemical industry fully 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, mainly linked to 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 nation.
The interest in the Japanese joint venture with Nippon Express and Nagase will provide Vopak a foothold in three chemical production locations in Japan.