Dutch oil storage firm Vopak exits Japanese JV

Dutch oil storage firm Vopak (AMS:VPK) said on Monday it had sold its 40% ownership in the joint venture, Nippon Vopak Co Ltd, to Macquarie Asia Infrastructure Fund for net cash proceeds of EUR 26 million (USD 28.9m).

Nippon Vopak owns and operates five terminals in Japan with a combined storage capacity of 203,200 cu m (7.2m cu ft).

The sale is in line with Vopak's plans, announced in July 2014, to divest 15 smaller terminals to address the changing energy and petrochemical environment.

The divestment will be reported in the second quarter of 2016 and will result in a small exceptional gain.

Vopak will use the proceeds from the transaction to execute its selective growth plans and to support its consistent dividend policy, while maintaining a robust financial position, the company said.

(EUR 1.0 = USD 1.112)

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