Dutch Vopak completes stake purchase in Chinese terminal operator Haiteng

Sep 29, 2014 - Dutch oil storage firm Royal Vopak (AMS:VPK) said Monday it had completed the takeover of a 30% stake in Chinese terminal operator Zhangzhou Gulei Haiteng Jetty Investment Management Company.

The transaction, whose financial terms remained undisclosed, was announced in March this year.

Vopak, however, expects as of the end of September a marginal positive contribution to its this year's result due to the limited remaining period of 2014 and some start-up costs.

Haiteng owns an industrial terminal commissioned in 2013. It is located in Gulei Industrial Park, southeastern China, and has a storage capacity of 890,000 cu m (31m cu ft) for petrochemical products. Long-term contracts have been signed for the terminal to serve two petrochemical plants via pipelines.

Supported by the government, Gulei Industrial Park has plans to attract additional petrochemical industry in the coming years.

Choose your newsletter by Renewables Now. Join for free!