Royal Vopak has sold its Finnish entity, Vopak Chemicals Logistics Finland Oy, to Oiltanking Sonmarin Oy, a wholly owned subsidiary of Oiltanking GmbH, based in Hamburg, Germany. The divested entity consists of two terminals, Vopak Terminal Mussalo and Vopak Terminal Hamina. The combined operational capacity of these two terminals is 175,400 cu m.
This divestment is in line with the outcome of Vopak’s business review, which was announced on July 2 2014. Based on this business review, Vopak has updated its terminal portfolio criteria in accordance with the changing energy and petrochemical landscape and continuing economic shift from West to East that it has identified. As part of this review Vopak announced its decision to divest around 15 primarily smaller terminals.
The agreed upon net cash proceeds, based on the debt free enterprise value of Vopak Chemicals Logistics Finland Oy, amounts to approximately €43m.
