Altamira acquisition finalised:
Today, Vopak announced that the 60/40 JV between Vopak and Enagas has finalised the acquisition of the 300,000 cbm LNG storage and regasification terminal in Altamira, Mexico. The acquisition price of $ 408m is backed by a $ 300m non-recourse financing agreement with a syndicate of banks, which has a maturity of 10 years.
About the Altamira LNG terminal:
The terminal has been operational since 2006 and is fully contracted for a long-term period. Capacity of 300,000 cbm comprises 2 tanks of 150,000 cbm each, which can be expanded by adding a 3rd tank.
Altamira within the Vopak network:
This is Vopak’s 2nd LNG terminal, after Rotterdam GATE was opened early September. Both terminals have long-term contracts which provide stability and predictability of earnings. Altamiraadds 1.2% or 0.9% to current network capacity on a gross or net basis. The numbers are respectively 0.9% and 0.7% once all terminals currently under construction, have been completed.
Our View:
This deal was already announced in June 2011, and we had no reason to assume it would be cancelled. As such, today’s news is in line with expectations. Itshould be positive for estimates, albeit marginally, and sentiment. No major impact on the investment case.