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Portfolio updated with changing energy and petrochemical landscape
Royal Vopak has sold the Finnish entity Vopak Chemicals Logistics Finland Oy to Oiltanking Sonmarin Oy, a wholly owned subsidiary of Oiltanking, based in Hamburg, Germany. The divested entity consists of two terminals, Vopak Terminal Mussalo and Vopak Terminal Hamina. The combined operational capacity of these two terminals is 175,400 cbm.
This divestment is in line with the outcome of Vopak's business review, which was announced on 02 July 2014. Based on this business review, Vopak has updated its terminal portfolio criteria in accordance with the changing energy and petrochemical landscape and continuing economic shift from West to East. As part of this Vopak announced, amongst others, its decision to divest around 15 primarily smaller terminals.
The agreed upon net cash proceeds, based on the debt free enterprise value of Vopak Chemicals Logistics Finland Oy, amounts to approximately €43.0 million. From a financial reporting perspective the divestment will be reported in Q3, 2015 and will result in an exceptional gain on divestment of approximately €18.0 million. The net cash flows resulting from this transaction will be used to execute strategy in line with the outcome of the business review.