Volpak acquires stake in Dutch LNG terminal to accelerate energy transition goals

(WO) – Vopak has provided an update on its LNG project portfolio. The update is in line with Vopak's strategic priorities to improve its financial and sustainability performance, to grow its base in industrial and gas terminals, and to accelerate towards new energies and sustainable feedstocks.

Vopak to become shareholder in EemsEnergyTerminal

Gasunie and Vopak entered into a principle agreement, whereby Vopak will acquire 50% of the shares in EemsEnergyTerminal B.V.

The EemsEnergyTerminal is an LNG import terminal located in the Eemshaven in the Netherlands. Gasunie developed this new floating LNG terminal in the Eemshaven area in response to gas supply insecurities and a desire to reduce the dependency on Russian gas.

The LNG terminal has been operational since Sept. 15, 2022, and has a regas capacity of 8 Bcm per year. The partners will explore to increase the capacity.

This agreement highlights the commitment of Gasunie and Vopak to jointly develop and operate open access LNG infrastructure in the Netherlands and contribute to the energy security of Europe. The partners are planning the further development of the Eemshaven site to facilitate the import of green hydrogen.

Gate terminal Rotterdam

Vopak and Gasunie are the founders and owners of Gate terminal in Rotterdam, which has been operational since 2011. The terminal has a current regas capacity of 16 Bcm per year. The Open Season gauging market interest for an additional 4 Bcm per year of regas capacity has recently been closed; a fourth tank would be constructed for this additional capacity.

Gate will continue to develop this project, including financing with the aim to reach a final investment decision by September 2023. Once all envisaged projects at Gate terminal have been completed, the terminal will have a regas capacity of 20 Bcm per year.

Hong Kong LNG terminal project

Vopak has decided to no longer pursue the acquisition of 49.99% of the vessel owning company of MOL that owns a floating storage and regasification unit (FSRU). 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. Vopak will remain involved in the commissioning of the terminal and will continue to provide support to the operation of the terminal as required.