Vopak and BlackRock's GEPIF complete acquisition of three Dow industrial terminals on US Gulf Coast
The Netherlands-headed independent tank storage company Royal Vopak N.V. (Vopak) and Global Energy & Power Infrastructure Fund (GEPIF), a fund belonging to global financial services provider BlackRock Inc., have announced the completion of an earlier announced acquisition of three industrial terminals from global chemical major Dow in the United States (US) Gulf Coast.
According to a statement, Dow had selected the new 50/50 joint venture of Royal Vopak and BlackRock’s GEPIF to acquire three major industrial terminals on the US Gulf Coast for the amount of US$620 million.
The name of the new joint venture is Vopak Industrial Infrastructure Americas, LLC, which has a diversified set of infrastructure assets, in three locations, with each situated alongside an active Dow production complex. the locations are:
- The Freeport, Texas (TX) terminal has 53 tanks (140 000 m3) for the storage of chemicals;
- The St. Charles, Louisiana (LA) terminal has 73 tanks (409 000 m3) for the storage of chemicals;
- The Plaquemine, Louisiana (LA) terminal has 30 tanks (303 000 m3) for the storage of chemicals and refined products.
The total capacity of the three terminals is 852 000 m3. The involved assets include 16.4 hectares (ha) of expansion land, 36 vessel berths, multiple pipeline connections, rail and truck racks.
Vopak Industrial Infrastructure Americas has entered into long-term service agreements with Dow, for storage and infrastructure services. Dow expects Vopak’s terminal expertise and capabilities will deliver additional operational efficiencies and opportunities for growth.