Dutch tank storage company Vopak VOPA.AS on Wednesday said it had started a strategic review of three chemical terminals in the Port of Rotterdam that could lead to a full or a partial divestment of these locations.

The group, which aims to increase industrial and gas storage as it gradually phases out oil and chemicals, last June said it planned to allocate 1 billion euros ($1.07 billion) to expand its base in industrial and gas terminals by 2030 and another 1 billion to new energies and sustainable feedstocks.

“We continued to actively manage our portfolio by divesting our Canadian oil terminals, Agencies business and started a strategic review of Vopak’s three chemical terminals in the Port of Rotterdam,” Chief Executive Dick Richelle said in an earnings statement.

The review affects Vopak’s Botlek, TTR and Chemiehaven terminals in the port of Rotterdam, Europe’s largest refining centre. Vopak said it could not provide further details yet as the outcome of the review was currently unknown.

The group also said it expected its core profit to jump to between 910 million and 950 million euros in 2023, as it saw favourable storage demand indicators continuing in the first half of the year.

This compares to earnings before interest, taxes, depreciation and amortisation (EBITDA) of 887.2 million euros it reported for 2022.

Vopak said it now targeted an operating cash return of above 12% by 2025, compared to a prior guidance of at least 10%.
Source: Reuters (Reporting by Diana Mandiá in Gdansk; Editing by Milla Nissi)