Vopak to Require Origin Proof Ahead of EU Sanctions on Russian Oil - Sources
11.18.2022 By TankTerminals.com - NEWS

November 18, 2022 [Financial Post] – Global independent tank storage company Vopak is introducing a new contractual clause that requires customers to provide a certificate of origin for oil stored at its terminals, four industry sources told Reuters.

 

The move comes ahead of European Union sanctions on Russian crude oil and oil product imports that will take effect on Dec. 5 and Feb. 5, respectively.

The clause, to be added when customers renew their storage contracts, will apply to crude oil and refined products placed in Vopak storage tanks, the sources told Reuters.

Customers under earlier contractual terms are not affected for now, they said.

Vopak did not comment directly on implementation of the new clause. A company spokesperson said in an email that Vopak is monitoring the situation and “is fully committed to adhere to relevant sanctions laws and regulations.”

More Russian barrels are expected to flow to Asia and the Middle East as further sanctions from the West shake up international oil trades.

Vopak has 73 storage terminals globally, with storage capacities totalling 36.2 million cubic meters, data from its website showed.

Regarding the measures to be taken against Russian oil shipments, Chief Executive Officer Dick Richelle said earlier this year Vopak had a process to track any sanctioned product that would potentially enter its terminals, as it has previously experienced similar actions in other parts of the world. (Reporting by Jeslyn Lerh; Additional reporting by Juliette Portala; Editing by Florence Tan and Tom Hogue)

Pro Trial: Access 10,390 Tank Terminal and Production Facilities

10,390 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

India's First Methanol Plant to be Set up in Telangana
11.21.2024 - NEWS
November 21, 2024 [Chem Analyst]- In a groundbreaking initiative, India is set to get its first m... Read More
Egypt in Talks with Foreign Companies Over Long-Term LNG Purchases, Sources Say
11.21.2024 - NEWS
November 21, 2024 [Reuters]- Egypt is in talks with U.S. and other foreign companies to purchase ... Read More
INEOS and GNFC Sign a Memorandum of Understanding to Build a New World Scale Acetic Acid Unit in India
11.21.2024 - NEWS
November 21, 2024 [INEOS]- INEOS Acetyls and Gujarat Narmada Valley Fertilizers & Chemicals L... Read More
Peru's State Oil Firm Could Open to Private Investors in 2025, Chairman says
11.21.2024 - NEWS
November 21, 2024 [Reuters]- Peru’s indebted state-run oil firm could consider offering a ... Read More