Vopak stores a wide variety of liquid bulk products and gasses.
Those products are classified in different categories: chemicals, oil products, gasses like LPG, biofuels and vegetable oils, LNG, new energies and feedstocks. We also offer additional handling services at our terminals. Examples of these are blending two products, mixing additives into a product, applying a nitrogen blanket on top of a product to push out oxygen, heating or cooling products and loading or unloading ships, railcars and trucks. At many locations, we can also assist our customers with customs formalities and documentation.
In general, one customer rents one tank for one product during the contract period. However, we also apply co-mingled tank storage, where multiple customers use a similar capacity for a product, provided that the product specification is equal and customers agree on this optimization mechanism. When properly cleaned when changing products, some tanks can be used for multiple products which provide flexibility in storage capacity. The wide variety of liquid bulk products that we can store attracts customers that produce or trade more than one type of product.
Chemical products (such as methanol, xylene, MEG and styrene) are typically stored in smaller tank sizes. Chemical products often require specific storage conditions such as controlled temperature conditions or atmospheres. At some of our locations we also store ammonia.
LPG is a highly flammable product and is stored in refrigerated tanks at about minus 40°C or in bullets under high pressure.
Oil products (such as crude oil, gasoline, naphtha, diesel and fuel oil) are mainly stored in large-size tanks.
Biofuels and vegetable oils storage
Biofuels and vegetable oils: bio-ethanol is often stored in the same size tanks as chemicals and requires similar specific tank storage conditions. Bio-diesel and vegetable oils are often stored in the same size tanks with less restricted storage conditions than chemicals.
LNG is stored in specially-designed full containment large tanks and is cooled at atmospheric pressure to about minus 160°C.
New energies and feedstocks
Vopak actively pursues opportunities in new energies and sustainable feedstocks. Our strategy for new energies is to facilitate new supply chains for hydrogen, CO2 and new feedstocks, as well as develop flow batteries. Vopak has made first investments in hydrogen logistics.
Storage and handling contracts in the liquid tank terminal industry are normally a service and not a lease. Read more about this topic: USGAAP (Topic 842 'Leases') and IFRS 16