Vopak buys two storage terminals in Canada

Mar 28, 2014 - Dutch oil storage firm Royal Vopak (AMS:VPK) said Thursday it had acquired Canterm Canadian Terminals Inc, which runs two distribution terminals for the storage and handling of refined products in Quebec City and Montreal.

The company, which was previously owned and operated by TransMontaigne Inc, was acquired in a tender procedure.

With the acquisition Vopak has increased its storage capacity in the country by 509,000 cu m (18m cu ft) to 712,000 cu m. Upon completion of an expansion project in Montreal, expected in the first quarter of 2015, the combined storage capacity of the terminals will be 581,000 cu m.

The terminals are located on the banks of the Saint Lawrence river, which is one of the largest navigable waterways in the world and the most important shipping route to and from the Great Lakes, Vopak said.

According to Vopak, Montreal offers the best location for imports of refined products following the recent closure of refineries in the region.

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