Vopak and BlackRock’s Global Energy & Power Infrastructure Fund have established a 50/50 joint venture, Vopak Industrial Infrastructure Americas, and agreed the $620m acquisition of three major industrial terminals on the US Gulf coast from Dow. The three terminals, in Freeport, St Charles and Plaquemines, have a combined capacity of 852,000 m3, mainly for chemicals. Dow will sign long-term service agreements and says it expects Vopak’s terminal expertise and capabilities will deliver additional operational efficiencies and opportunities for growth.
“We are extremely proud to partner with Vopak, a best-in-class terminal operator, to serve as a steward for this critical infrastructure,” says Mark Florian, managing director and Head of BlackRock’s Global Energy & Power Infrastructure team. “This investment is aligned with our strategy to deliver value for our investors by investing in high-quality and critical operating infrastructure assets that are supported by long-term contracts to provide cash flow visibility and partnering with industry leaders who are like-minded to help grow these businesses while maintaining a strong culture of safety."
Vopak CEO Eelco Hoekstra adds: “We are excited for the opportunity to serve Dow via these industrial terminals in a safe, sustainable and efficient way. We are dedicated to contributing to the long-term success of Dow's US Gulf Coast business. This unique expansion opportunity, in which we partner with the leading global investment experts of BlackRock, fits perfectly into Vopak's growth strategy for industrial terminals. We are very proud of our expertise and long track record of storing vital products with care for our customers and our drive to continue to invest."[post_title] => Vopak JV buys Dow terminals [post_excerpt] => [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => vopak-jv-buys-dow-terminals [to_ping] => [pinged] => [post_modified] => 2020-09-14 13:23:42 [post_modified_gmt] => 2020-09-14 12:23:42 [post_content_filtered] => [post_parent] => 0 [guid] => https://hcblive.com/?p=27441 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )