Vopak Portfolio Update

Vopak Portfolio Update

Today, Vopak provides an update on its portfolio related to the successful completion of the 50% acquisition of EemsEnergyTerminal and completion of the sale of the three chemical terminals in Rotterdam.

This update is in line with the Vopak strategy to improve its financial and sustainability performance, to grow its base in industrial and gas terminals, and to accelerate towards new energies and feedstocks.

Acquisition 50% EemsEnergyTerminal
Vopak has completed the principle agreement that was announced in April 2023 and has become a 50% shareholder in EemsEnergyTerminal, an LNG import terminal of 8 billion cubic meter (bcm) per year located in the Eemshaven in the Netherlands. This terminal has been operational since September 2022.

Gasunie and Vopak are working to increase the capacity further towards 10 bcm per year, highlighting the commitment of the partners to jointly develop and operate open access LNG infrastructure and contribute to the energy security of Europe. The partners are planning the further development of the Eemshaven site to facilitate the import of green hydrogen.

The total investment by Vopak to acquire 50% of EemsEnergyTerminal is just above EUR 80 million with cash out in two installments in Q4 2023 and in Q2 2024. This acquisition will positively contribute to Vopak’s operating cash return for the remainder of the year and has limited impact on the Vopak full year 2023 EBITDA outlook.

Sale of three chemical terminals in Rotterdam
Vopak has completed the sale of its three chemical terminals in Rotterdam (Botlek, TTR and Chemiehaven) to Infracapital for a total purchase price of EUR 407 million including a conditional deferred payment of EUR 19.5 million. Total cash receipt net of transaction costs and net debt items at closing is EUR 372 million. The combined operational capacity of the three terminals is 1.4 million cbm. This follows our announcements on the strategic review on 15 February 2023 and on the agreement for sale on 19 September 2023.

Dick Richelle, CEO of Vopak: “The successful completion of this acquisition and divestment supports our strategic goals and positions the portfolio towards higher and long term cash returns. It grows our footprint in gas and gives the opportunity to accelerate towards new energies in the future. Vopak’s unique global portfolio and partnerships strategically position us to leverage the strong market fundamentals and energy transition opportunities. We are proud to be leading the way in providing infrastructure solutions that are and will be essential to the economy and the daily lives of people around the world.”

Vopak, December 1, 2023