Vopak to buy GATX's Asian tank storage interests

20 August 2001 11:14  [Source: ICIS news]

LONDON (CNI)--Dutch oil, chemicals distribution and logistics services group Vopak has agreed to buy the Asian tank storage interests of Chicago-based logistics group GATX Corp.

Vopak said Monday that the deal includes GATX's 50% stake in GATX Terminals (Jurong) Pte Ltd in Singapore. The company, which is part-owned by the Port of Singapore Authority and Jurong Town Corporation, both Singapore government bodies, has a 152 000 m³ terminal at Jurong.

Acquisition of GATX's stake will also give Vopak a 30% interest in Malaysia-based Kertih Terminal, which operates a 395 000 m³ facility, and a 60% stake in the 96 000 m³ terminal operated by China's Shandong Lanshan Terminal.

Major shareholder in the Kertih terminal is Malaysian state oil company Petronas, while Sinochem will be Vopak's biggest partner at the Lanshan terminal.

Vopak also said it has agreed to acquire a 40% stake in Nippon GATX, the Japanese chemical terminal operator. The remaining 60% is held by Nippon Express and Nagase , a Vopak spokesman told CNI.

Nippon GATX operates three chemical terminals with an aggregate capacity of 136 000 m^3. They are located in Kawasaki, Kobe and Yokohama.

Financial details of the acquisitions were not disclosed.

GATX Corp put its terminals subsidiary up for sale in July last year. The business specialises in the storage and distribution of bulk petrochemical and chemical products.

Vopak said the acquisitions were in line with its strategy to build and strengthen its position in Asia through selective investments in its core businesses. It added that the Jurong terminal deal would be a valuable addition to its presence in Singapore through its Sebarok terminal, which mainly serves the petroleum products markets, and the industrial terminal Sakra, which is linked to adjacent chemical production plants.

Upon completion in the next few weeks, these transactions are expected to make a small positive contribution to Vopak's results during the second half of 2001.

In February last year Vopak and GATX Terminals exchanged interests in three joint venture companies in the UK, Belgium and Singapore. Vopak acquired GATX's 50% interest in Tees Storage, Middlesborough, UK, becoming the sole owner. At the same time, GATX purchased Vopak's 50% stake in Tankstore (Singapore) and Gamatex (Belgium).

By: Neil Sinclair
+44 20 8652 3214

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