Vopak NV (Rotterdam, Netherlands) said it will invest an additional €1 billion in gas and industrial terminals infrastructure growth by 2030, doubling its overall planned investment in the sector.
Vopak has previously committed investment of up to €1 billion in the sector to achieve its growth ambitions by the end of this decade, but it announced in a capital markets event for investors on March 13 that it will double its planned spending in industrial and gas terminals.
It will also accelerate its development of energy-transition infrastructure and confirmed its previously stated ambition to allocate €1 billion in the segment, it said.
“We see market opportunities to invest an additional €1 billion in gas and industrial terminals, and we are reconfirming our ambition to invest €1 billion to accelerate towards energy transition infrastructure by 2030,” said Dick Richelle, CEO of Vopak.
Vopak has achieved its previous target to commit €1 billion by 2030 ahead of schedule, he said, with the majority of these in gas infrastructure to address energy security and affordability needs. A “substantial portion” has also been committed to growth markets such as India and China, he said.
“Given the positive outlook and market demand for infrastructure, Vopak has the ambition to invest an additional €1 billion by 2030 in projects that will be underpinned by customer commitments and will provide attractive returns upon commissioning,” he said.
The company’s plan to invest €1 billion by 2030 in energy-transition infrastructure will see Vopak continue with a “disciplined and selective approach in these investments with a similar risk return profile as the current business,” it stated. Vopak will focus on infrastructure solutions for low-carbon fuels and sustainable feedstocks, ammonia as a hydrogen carrier, liquid CO2 and battery energy storage, it said.
Part of the company’s plans to invest in energy-transition infrastructure will entail repurposing a portion of its existing crude oil storage capacity in hub locations for low-carbon fuels and feedstocks, it said.
by Mark Thomas
Source: chemweek.com
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