Vopak to buy 30% in Chinese terminal operator Haiteng

Mar 10, 2014 - Dutch oil storage firm Royal Vopak (AMS:VPK) said Monday it had agreed to take 30% in Chinese terminal operator Zhangzhou Gulei Haiteng Jetty Investment Management Company.

A spokesperson for Vopak did not disclose any financial details when contacted by news agency AFN. The transaction is expected to be completed later this year, subject to regulatory approvals.

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.

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