storage in Europe on the transaction, which also includes an option to acquire all of MEAM’s interests in a Brazilian storage tank project. Vesta Terminals owns approximately 1.6 million m3 of petroleum products and biofuels storage at three terminals in Tallin, Antwerp and Flushing. Vesta is also planning to expand storage capacity on land it already owns at its existing sites. The transaction remains subject to the completion of certain conditions, after which Vesta Terminals will continue to provide storage services to existing and new third party customers alongside its new shareholders. Sinopec Group was believed to have been looking to enter Europe’s oil storage business through acquisition for a while. Sinopec Kantons says the acquisition provides the group with ‘a good opportunity
to achieve rapid expansion in the European bulk liquid terminals business’. Since the terminals in both Antwerp and Flushing are included in the Intercontinental Exchange and the Platts trading platform, the investment will also support the Sinopec Group’s international trade of refined petroleum products by enabling it to participate in Platts transactions, as well as creating synergies between the group’s existing oil storage and trade businesses. Westway divestment US bulk liquid storage and liquid animal feed supplement provider Westway Group completed the sale of a number of its European bulk liquid terminals, together with its liquid feed supplement business, to commodities specialist ED&F Man Holdings in January, the group’s largest
shareholder. The price tag on the deal, which follows a year-long strategic review by Westway of its operations, was approximately $112 million (€85.6 million). In a separate transaction completed on 1 February 2013, Westway Group became a wholly owned subsidiary of an affiliate of North European private equity group EQT. Including the purchase of Westway warrants and convertible preferred share, the deal was valued at about $419 million. EQT made the acquisition through its Infrastructure II fund. The European terminals sold to ED&F Man were the Regent Road and Sandhills terminals in Liverpool, UK; the Grangemouth terminal, also in the UK; the terminal at Dublin, Ireland; and the Esbjerg terminal in Denmark. The five terminals have a total capacity of just over
107,000m3 across 134 tanks. Westway’s Incheon bulk liquids terminal in Korea was also included in the sale to ED&F Man. The five European terminals are all used to store molasses and were considered to be non-core assets by Westway, according to an industry source. Prior to the change of ownership, ED&F Man was the leassee of the capacity under a long-term storage deal. The commodities group is Westway’s primary supplier of molasses under a long-term agreement. Westway has retained three European terminals: at Gydnia in Poland, Avonmouth in the UK, and in the Netherlands. The three facilities have an aggregate capacity of just over 170,000m3 across 97 tanks, and can store a range of products including biodiesel, vegoils and fats, agri-products, chemicals and molasses.
Vapour recovery made easy Aker Solutions offers a range of pre‑engineered and standardised vapour recovery systems — the Cool Sorption Depot Series™ and Terminal Series™. Our systems are developed specifically for truck distribution depots, rail loading terminals, larger marine loading operations and storage terminals. We offer:
Easy to buy
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Environmentally friendly solutions Pre-engineered solutions Adaptable configurations A range of achievable emission standards Crude oil vapour recovery specialists Installation and commissioning support Service and maintenance
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March/April 2013 • TANK STORAGE