Vopak, which is designing the facility to store strategic reserves for European governments, is looking to sell a minority interest in the project to help finance it, the sources said on condition of anonymity because the details are confidential.
Vopak plans to develop the facility in phases, first building 10 tanks of 60,000 cubic metres each and later expanding them to 46 tanks with a total capacity of 2.76 million cubic metres, according to the company’s website.
Before making a final investment decision, Vopak is looking for partners to join the project once in operation, without them taking on construction risk, the sources said.
One of the sources said Vopak’s total plans could cost more than 600 million euros ($750.2 million).
The project is a low throughput facility, so that the oil is not normally moved more than once in two years, the sources said. This means it is less profitable than high throughput facilities, where oil is transferred many times a year.
Rabobank is advising Vopak on the project, the sources said. Spokespeople for Vopak and Rabobank declined to comment.