Vopak and BlackRock's GEPIF successfully completed the acquisition of three industrial terminals from Dow on the U.S. Gulf Coast
Rotterdam, the Netherlands, 2 December 2020
Royal Vopak and BlackRock's Global Energy & Power Infrastructure Fund (GEPIF) successfully completed the earlier announced acquisition of three industrial terminals from Dow (NYSE: DOW) on the U.S. Gulf Coast. This acquisition was announced on 14 September 2020.
Dow had selected the new 50/50 joint venture of Royal Vopak and BlackRock's GEPIF to acquire three major industrial terminals on the U.S. Gulf Coast for the amount of USD 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.
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.
The total capacity of the three terminals is 852,000 cubic meters (cbm). The Freeport, Texas, terminal has 53 tanks (140,000 cbm) for storage of chemicals. The St. Charles, Louisiana, terminal has 73 total tanks (409,000 cbm) for storage of chemicals. The Plaquemine, Louisiana, terminal has 30 tanks (303,000 cbm) for storage of chemicals and refined products. The involved assets include 16.4 hectares of expansion land, 36 vessel berths, multiple pipeline connections, rail and truck racks.
Royal Vopak is the world’s leading independent tank storage company. We store vital products with care. With over 400 years of history and a focus on sustainability, we ensure safe, clean and efficient storage and handling of bulk liquid products and gases for our customers. By doing so, we enable the delivery of products that are vital to our economy and daily lives, ranging from chemicals, oils, gases and LNG to biofuels and vegoils. We are determined to develop key infrastructure solutions for the world’s changing energy systems, while simultaneously investing in digitalization and innovation. Vopak is listed on the Euronext Amsterdam and is headquartered in Rotterdam, the Netherlands. For more information, please visit www.vopak.com.
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of September 30, 2020, the firm managed approximately $7.81 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrock | www.linkedin.com/company/blackrock.
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