Vopak Expands Capacity, Boosted by Emerging Markets

摘要

The chemical tank storage industry is feeling the impact of the global economic downturn, particularly in Europe, where throughput at tank terminals has declined due to falling demand. However, business in emerging markets continues to grow and export flows of petrochemicals from newly completed manufacturing complexes in the Mideast are providing additional opportunities. Vopak -- the market leader with more than 27 million cu meters of tank storage capacity split among 80 terminals across 32 countries -- is facing challenging conditions in its chemicals business, CEO John Paul Broeders tells CW. Throughput of chemicals declined 10%-50%, depending on the product, at Vopak's European terminals in the first quarter of 2009. Occupancy at Vopak's European terminals nevertheless remains high. Vopak is pushing ahead with an ambitious expansion program, despite the tough economic conditions. The company plans to invest a combined 1.5 billion worldwide, including contributions from Vopak's partners, in 2009-2011 to add 2.5 million cu meters of storage capacity.