Vopak buys 95% stake in Indonesian terminal

07 October 2008 09:07  [Source: ICIS news]

LONDON (ICIS news)--Vopak has reached an agreement with Japan's Mitsui & Co to buy its 95% shareholding in Indonesian terminal PT Pro-Intercontinental Terminals Indonesia (Prointal), the Dutch tank terminal operator said on Tuesday.

No financial details were disclosed.

“With the acquisition of the terminal Vopak enters the Indonesian bulk liquid storage market and strengthens its presence in the strongly developing Asian region,” Vopak said in a statement.

The terminal is situated at the port of Merak, which is part of the Bantan province in West Java, one of the country’s petrochemical hubs.

The terminal, which will be named Vopak Terminal Merak, operated as a chemical import facility, handling the liquid chemical products via incoming vessels and providing storage and transhipment services, said Vopak.

The terminal consisted of 33 tanks with a total storage capacity of 76,900 cubic metres, it said, adding there was existing land available to expand the terminal.

The remaining 5% of the shares in Prointal are held by PT Intimitra Pratamausaha, an Indonesian engineering and contracting company.

Vopak added that in addition to this acquisition in Indonesia, in a joint venture with AKR Corporindo, it was currently building the Vopak Jakarta Terminal, a storage terminal for oil products at Tanjung Priok Port, Jakarta.

The first phase, 250,000 metres cubed of storage capacity, would be completed in the second half of 2009.

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Author: Hilde Ovrebekk
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