Dutch Vopak sells 20% equity stake in Bahamas terminal

17 February 2011 09:22  [Source: ICIS news]

SINGAPORE (ICIS)--Dutch logistics firm Vopak said on Thursday it has completed the sale of its 20% equity stake in the Bahamas Oil Refining Company (BORCO), an oil storage terminal, to US-based pipeline and storage terminal operator Buckeye Partners.

The sale generated an after-tax profit of over $150m (€111m), the company said in a statement.

Buckeye would immediately take over full operational responsibility of the terminal, it said.

“The cash proceeds of the sale will be allocated to fund Vopak’s global growth strategy,” the statement added.

Located at Freeport in the Bahamas, BORCO is an independent storage terminal with a capacity of 3.4m cubic metres for the storage and handling of crude oil, fuel oil and clean petroleum products.

($1 = €0.74)

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By: Nurluqman Suratman

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