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NEWS BULLETIN
STORAGE TERMINALS
VOPAK’S EUROPEAN CLEAR OUT
Vopak has completed the sale of its terminals in Amsterdam and Hamburg to First State Investments for a total consideration of some €600m. Vopak will book an exceptional after-tax gain of around €190m in its third-quarter figures. The sale of Vopak’s Algeciras terminal had not been finalised as this issue went to press. Vopak had been in discussion with its minority partner, Vilma Oil, to buy Vopak’s 80 per cent share but the plan is now for Vopak to buy Vilma’s 20 per cent interest and sell the facility to First State. The transaction is valued at €125m, from which Vopak expects to book an exceptional gain of some €10m. www.vopak.com HOUSTON WORK FOR ODFJELL
Odfjell Terminals (Houston) (OTH) has been selected to provide bulk liquid terminal services for a new acrylonitrile styrene acrylate plant being built by Ineos Styrolution at its existing complex in Bayport, Texas. Odfjell’s responsibilities will include the receipt, storage and pipeline transfer of butyl acrylate and acrylonitrile feedstocks, using Odjell’s nearby bulk liquids terminal as the initial receiving point. The new
HCB MONTHLY | NOVEMBER 2019
Ineos unit is due to be commissioned in 2021. “OTH is extremely honoured to partner with Ineos Styrolution on its new Bayport ASA plant. We look forward to supporting this new plant and possibly other Ineos efforts for many years to come,” says Bill Law, senior manager, sales and business development at OTH. www.odfjell.com STOLT FLAT ON YEAR
Stolthaven Terminals has reported thirdquarter revenues of $62.9m and operating profit of $19.5m, with both figures and overall capacity utilisation virtually unchanged from the previous period. Both quarters included an exceptional gain, the third quarter’s reflecting the sale of the Altona terminal in Australia, which resulted in a book gain of $0.6m. “We expect continued improvements in our results, driven by increased capacity and enhancements in operational performance and efficiency,” says Niels G Stolt-Nielsen, CEO of parent Stolt-Nielsen Ltd. www.stolt-nielsen.com KM PLANS FOR EXPANSION
Kinder Morgan has reported third quarter net income of $506m, down from the $693m
recorded for the same period last year, which included a one-off gain from the sale of its interest in the Trans Mountain pipeline. Absent that sale, EBITDA for the first three quarters of this year is essentially flat compared to 2018. Earnings from terminal operations were slightly down on the third quarter 2018, with Kinder Morgan president Kim Dang saying: “Our liquids business, which accounts for nearly 80 per cent of the segment total, saw incremental contributions from expansion projects. However, this increase was offset by increased tank lease costs at the Edmonton South Terminal, paid pursuant to a lease agreement with Trans Mountain that became a third-party arrangement due to our sale of Trans Mountain, and a variety of smaller items.” Current investment projects include a $125m plan to increase flow rates at the Pasadena terminal and nearby Jefferson Street truck rack, alongside tank modifications that will add butane blending and vapour combustion capabilities to ten storage tanks, expansion of the current methyl tert-butyl ether (MTBE) storage and blending platform, and a new dedicated natural gasoline (C5) inbound connection.
