April 11, 2023 [MarketWatch] – Royal Vopak NV on Tuesday entered into an agreement with Nederlandse Gasunie NV to buy 50% of the shares of its subsidiary EemsEnergyTerminal, and said it wouldn’t be pursuing its acquisition of 49.99% of MOL in Hong Kong.

The Dutch tank-storage company said the transaction, which is expected to be completed by Oct. 1, is subject to conditions including the approval from competition authorities.

The partners will now explore how to further increase the capacity of the LNG import terminal in Eemshaven, the company said.

Vopak is developing its Gate terminal in Rotterdam, which it also operates with Gasunie, and aims to build a fourth tank for additional capacity, it said. The company aims to reach a final investment decision by September, it said.

The company’s equity investments in EemsEnergyTerminal and Gate terminal are expected to be around 100 million euro ($108.6 million), it said.

On its Hong Kong LNG terminal project, Vopak said it will no longer pursue the acquisition of 49.99% of the vessel-owning company of MOL, which owns a floating storage and regasification unit.

“Although the commercial start is expected later this year, the delay of the project has resulted in reduced attractiveness and made Vopak decide not to make use of the share right,” it said, adding that this will have no material financial impact for the group.

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