March 12, 2012 [Reuters] - Vopak, the world's largest independent storage tank operator, plans to increase oil storage capacity over the next three years after reporting on Wednesday that 2011 earnings jumped by almost a third.
Vopak plans to add six million cubic metres of additional capacity by the end of 2014, and oil storage will account for 85 percent of that new capacity.
“We strongly believe there will be strong demand for additional infrastructure,” Chief Financial Officer Jack de Kreij told Reuters in an interview.
“We have seen encouraging developments in the chemical industry. The question is will that remain in 2012 or will that be flattening down?”
Regarding recession in some countries in Europe, de Kreij said: “It will result in lower consumption and lower consumption means lower production.”
De Kreij said that the oil storage business will remain a key driver of growth on increasing demand for oil in China and India.
Refinery closures caused by lower margins had increased the need for crude oil storage, as well, he said.
