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VPK - Koninklijke Vopak NV News Story

€47.29 -0.7  -1.4%

Last Trade - 25/02/20

Large Cap
Market Cap £5.05bn
Enterprise Value £7.10bn
Revenue £1.05bn
Position in Universe 108th / 863

UPDATE 1-Storage firm Vopak to focus on chemicals after oil terminal slowdown

Mon 4th November, 2019 7:18am
(Adds details on investment targets, Q3 results)
    Nov 4 (Reuters) - Vopak  VOPA.AS  will develop a new joint
venture terminal in southwest China and expand its terminals in
Belgium and Mexico to focus on chemicals due to oil terminals
are becoming less profitable, the Dutch industrial storage
company said on Monday.
    The company said it will develop a facility to provide
storage and handling for chemical manufacturing plants in the
Qinzhou Chemical Park in southwest China as poor oil terminal
performance and new marine fuel regulations hurt its core
    The company reported third-quarter results with earnings
before interest and taxes (EBIT) slightly below consensus at 407
million euros ($454.70 million), saying its oil hub terminals in
Europe and Singapore partially offset good performance from new
    Vopak said the slight drop in its end-of-quarter occupancy
rate, which came in at 84%, also reflects the market conditions
at oil hub terminals in addition to conversion activities
related to the International Maritime Organization's new marine
fuel regulation (IMO 2020).  urn:newsml:reuters.com:*:nL3N26N1UD
    Apart from oil terminals, other segments of Vopak's business
remained solid, the company said.
    Vopak added it will continue to invest in the growth of its
global terminal portfolio over the coming years with growth
investment that could be in the range of 300 million euros to
500 million euros in 2020.
    The new industrial terminal in China, in which Vopak will
hold a share of 51% after developing it together with Shanghai
Huayi Group  600623.SS  and Guangxi Qinzhou Linhai Industrial,
will have an initial capacity of 290,000 cubic metres and is
expected to be commissioned in mid-2021, the company said.
    Vopak added that it would expand its Linkerover terminal in
the Belgian port of Antwerp with 30,000 cubic metres, and its
Altamira terminal in Mexico with 40,000 cubic metres.

($1 = 0.8951 euros)

 (Reporting by Zuzanna Szymanska in Gdansk, Editing by Sherry
Jacob-Phillips and Louise Heavens)
 ((zuzanna.szymanska@thomsonreuters.com; + 48 58 778 52 86;))
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