September 15, 2010 [De Tijd/Tankterminals.com] - Ghent based Sea-Invest Group joins forces together with the Swiss trading group Glencore to invest € 250 million in the construction of a petroleum products terminal in the port of Antwerp. That was announced yesterday by Philippe Van de Vyver, the CEO and majority shareholder of Sea-Invest, during the opening of company’s new tank terminal built exclusively for the French group Total at the Sixth Haven Dock in Antwerp.
This is the first time that Glencore is investing in the storage of petroleum products. Glencore Group, once founded by Belgian Marc Rich, is one of the world’s top producers and traders of commodities and raw materials and the second largest shareholder of Nyrstar. “Traders are finding it more and more important, especially in volatile markets, to invest in storage capacities,” says Erik Loontjes, the CEO of Sea-Tank, the tank storage subsidiary of Sea-Invest. “We can start building every moment. This will create jobs for 75 people. ” The new tank terminal will be built on the site of the Sea-Invest’s existing 28-ha facility at the port’s 510 quay, where the company now stores lead and zinc ore for Nyrstar. With total storage capacity of 900,000 m3 the new terminal is expected to be finished in 2013. The terminal will be operated by joint venture between Glencore (49%) and Sea-Invest (51%). Nyrstar activities will be moved to the port’s Leopold quay, where Sea-Invest will invest in a new € 40 million “ecological terminal”. Van de Vyvere sees the deal with the Glencore as a very important step in the further internationalization of company’s tank storage subsidiary Sea-Tank. Ghent based Sea-Invest, that in 20 years has become the largest European market player in handling of coal, ores, fertilizers and vegetables (via Belgian New Fruit Wharf), entered six years ago in the transshipment and storage of liquid bulk cargo (chemical and petroleum products, fertilizers, animal oils and fats) through the acquisition of the tiny company Locachim in Ghent. Meanwhile renamed to Sea-Tank, the company built the terminals in Bordeaux, Rouen and Antwerp. The Total terminal project with the investment of € 350 million brings the total storage capacity of Sea-Tank to about 1.2 million m3. By the end of 2012, including the Glencore deal, the investment will reach at least 550 million, but further expansions are still in the pipeline. Erik Loontjes: “We are also working on plans to construct a tank terminal in the port of Le Havre, for other customers. Early next year, we hope for more clarity. If the project continues, we will also invest € 150 million there. “
