Tank Storage Group Vopak Eyes New Investments to Speed Up Shift Away from Oil
02.28.2022 - NEWS

February 21, 2022 [HellenicShippingNews] – Dutch oil and chemical storage company Vopak VOPA.AS said on Wednesday it planned further investments in feasibility studies on new energies this year, as it seeks to reduce the share of oil in its portfolio, as well as ongoing and new growth projects.

 

“2021, like 2020, was an atypical year due to the pandemic,” said Chief Executive Officer Dick Richelle, who took the position in January, pointing to high volatility and lower demand for storage due to tight supplies.

The Organization of the Petroleum Exporting Countries and allies led by Russia, which has been wary of responding to calls on its strained capacity for more crude to cap surging prices, earlier in February stuck to its target of monthly increases of 400,000 barrels per day.

The group, known as OPEC+, also blamed surging prices on the failure of consuming nations to ensure adequate investment in fossil fuels as they shift to greener energy.

“In 2021, we continued our progress of infrastructure solution opportunities and resource allocation to hydrogen, ammonia, CO2, flow batteries, biofuels and sustainable feedstocks,” Richelle said in a statement.

Vopak, which operates tank terminals worldwide and looks to cut the share of oil in its projects to favour chemicals, gas, new energies and industrial infrastructures, said it expected growth investments in 2022 to come below 300 million euros ($340.62 million).

The Rotterdam-based company reported fourth-quarter revenue and earnings before interest, taxes, depreciation and amortisation (EBITDA) slightly above market expectations, but posted a miss in net profit.

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