Vopak is to expand its Alemoa terminal in Brazil, which will give it an extra 20,000 m3 of storage for chemical products. It made the announcement as part of its Q3 results.
The Dutch independent terminal company said the terminal has a total capacity of 276,820 m3, with 112 tanks ranging in size from 100–3,746 m3.
Vopak said: “The expansion will strengthen our position in the Port of Santos, we expect to commission the new tanks in Q2 2023, subject to construction approvals.”
The terminal, at the Port of Santos, which is the largest port in Latin America, specialises in chemical products and is a hub for heated vegetable oils.
Elsewhere in the results, the company overall reported revenues of €297 million, a slight increase from the €292.4 million in Q2 but slightly down on Q3 2019.
Its Q3 net profits of €82.9 million are similar to the €83.4 million in Q2, but again, slightly down on Q3 2019.
It said storage demand from oil markets remains “robust”, with an occupancy rate of 88 percent for subsidiaries, and a proportional occupancy rate of 90 percent, both up from the Q3 2019 figure of 84 percent for both.
It will continue to invest in the growth of its global terminal portfolio in 2020. It expects its total growth investments for the year to be €500–600 million, including the purchase of three US Gulf Coast terminals from Dow as part of its 50:50 joint venture with BlackRock.
In 2021, Vopak plans to invest €300–350 million in growth investments, through existing projects, new business development and pre-final investment decision feasibility studies in new energies including hydrogen.
For more information visit www.vopak.com