Vopak announced it has formed a JV with Greenery and Shell UK (1/3 each) to buy the assets of the former Petroplus refinery in Coryton (UK) in order to develop them into an import terminal with an initial capacity of 500,000 cbm. The site can be expanded in due time to 1m cbm. Timing of commissioning and capex related to this development, were not disclosed. Greenery and Shell will sign LT contracts with the JV as clients, while Vopak will manage the site.
This development adds 1.5% to gross network capacity and 0.7% to net network capacity, on a fully-invested base. These numbers should double should the site be expanded to 1m cbm.
Positive for earnings, probably as from 2013 or 2014:
This transaction has no impact on our short-term estimates. Mid term, there should be a small positive impact on net income from associates, and thus EPS.