August 23, 2023 [Vopak]- Gate terminal and its shareholders Gasunie and Vopak, are pleased to announce that the final investment decision has been taken to expand Gate terminal’s storage and regasification capacity.
The expansion consists of a new LNG storage tank of 180,000 cubic meters and additional regasification capacity of 4 BCM per year. The new capacity is already rented out under long term commercial agreements and is expected to be ready for operation by the second half of 2026.
Vopak and Gasunie are the founders and owners of Gate terminal in Rotterdam which has been operational since 2011. The terminal plays a crucial role in the supply and availability of gas in the Netherlands and its neighboring countries. Once all envisaged projects at Gate terminal have been completed, the terminal will have a total regas capacity of 20 billion cubic meters per year.
Hans Coenen, on behalf of the Board of Directors of Gasunie: “The investment in this new tank is part of a broader package of proposed and already realized measures to increase LNG import capacity in the Netherlands. This is necessary to compensate for the loss of Russian natural gas and to reduce
the scarcity of natural gas on the European gas market. In addition to expanding LNG import capacity, Gasunie is continuing to accelerate the energy transition. For example, through the construction of a national hydrogen network and the conversion of import terminals. We will also continue to focus on green gas, transport of heat and CO2 capture and storage.”
Dick Richelle, CEO at Vopak: “We are excited to build upon our successful partnership with Gasunie. This investment fits well with Vopak’s strategy to grow in LNG infrastructure. We are proud to develop and operate reliable and open access infrastructure as this plays an important role in the security of supply of energy.”
Jarmo Stoopman, Managing Director at Gate terminal: “Now that all elements are in place, we are happy that today we can start with the construction of this important expansion. We look forward to working with our contractors and ensuring a safe and timely construction of this 4th tank.”
Financial paragraph
The total investment is approximately EUR 350 million. The envisaged financing structure of this expansion is approximately 15% of the costs to be funded with equity and approximately 85% to be funded via a non-recourse project financing for which commitments are in place. The project financing is expected to be finalized by the end of 2023. The equity contribution of each of the shareholders will be approximately EUR 26 million with cash outs expected in the coming years.
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