STORAGE TERMINALS 25
NEWS BULLETIN
STORAGE TERMINALS
RUBIS ROLLS ON
Rubis Terminal has reported first quarter revenues of €55.2m, up 1.4 per cent on the prior year once the divestment of the Turkish operation is taken into account. Revenues were down slightly in France, partly as a result of the backwardation in the product markets, though biofuels, petrochemicals and agri-food business showed double-digit growth. The market in Spain continued to expand, largely in the biofuels and petrochemicals sectors, though the 6 per cent revenue growth recorded could have been higher but for strikes in the fuel distribution sector. The joint-venture business in Antwerp remained strong but, as utilisation is already close to 100 per cent, there was no growth; ITC Rubis is currently adapting some fuel oil tankage to handle biofuels ahead of a new storage contract due to start towards the end of this year. www.rubis-terminal.com AEGIS VOPAK GETS BIGGER
Vopak and Aegis Logistics have finalised their joint venture, Aegis Vopak Terminals, which has been expanded since the original announcement of the plan last year and will now include three extra terminal facilities. Aegis Vopak will be the largest independent tank storage provider for LPG and chemicals in India, with 11 terminals in five strategic ports on both the west and east coasts of India, with a total capacity of some 1.5m m3. Vopak says the joint venture is “well positioned” for further growth, which will concentrate on the LPG sector, where the Indian government is promoting its use as a household cooking fuel, but also on chemicals, LNG and industrial terminal opportunities. www.aegisindia.com
ago; after taking a $46.1m impairment charge on the $60m sale of its Point Tupper terminal in Canada at the end of April, net income dropped from $42.3m to $12.3m – absent that adjustment, it achieved a 36 per cent increase over the previous year’s first quarter. NuStar experienced increased volumes on both its crude oil and refined products pipeline systems, reflecting improved demand for products, while its storage business delivered a 7 per cent increase in adjusted EBITDA compared to the fourth quarter, notwithstanding the sale of its terminals in the eastern US in October 2021. Within the storage segment, the West Coast renewable fuels network is playing an ever-growing role, not only in helping facilitate the distribution of low-carbon renewable fuels but also in terms of revenue generation. “We expect our West Coast network’s revenue to continue to grow in 2022, as we complete two more projects at our Stockton terminal that will add renewable diesel storage capacity and expand our ethanol transportation solutions, which will increase the significant role NuStar plays in facilitating the West Coast’s transition
to low-carbon renewable fuels,” says Brad Barron, NuStar’s president/CEO. www.nustarenergy.com MAGELLAN MAKES HAY
Magellan Midstream Partners has posted first-quarter net income of $166m, down from $221m for the same period last year, which enjoyed a boost from the 2021 winter storms. “Magellan generated solid financial results during the first quarter of 2022 that exceeded our initial expectations and improved our overall outlook for the year,” says Aaron Milford, who assumed the role of CEO on 1 May. Revenues from the transport and terminalling of refined products increased by $12m year-on-year, as a gradual economic recovery from pandemic conditions added to transport demand, though its storage business experienced lower utilisation rates following the expiry of a number of contracts. Similar trends were seen in crude oil transport and terminal activity. Magellan says it now expects to spend some $70m this year to complete projects already committed, which will include improving the
GOOD START FOR NUSTAR
NuStar Energy has reported first quarter revenues of $409.9m, up from $361.6m a year
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