Vopak aims to fast track new energies and sustainable feedstocks after posting a 3% profit rise, to €106 million, in Q1.
In a statement, it has commissioned repurposed infrastructure in Singapore for low-carbon transportation fuels, reported good progress in changing existing capacity in Alemoa, Brazil and Vlaardingen, Netherlands, and continues to grow its footprint in India after acquiring a new terminal in Mangalore.
The new energies focus will not only shape the future of Vopak, but also contribute to the transition within key industrial clusters and shape future energy hubs.
CEO Dick Richelle said demand for infrastructure services remained robust, resulting in an increased proportional occupancy of 93%, leading it to revise its full year 2024 upwards outlook.
He said, “Oil and gas markets were strong, driven by a higher demand for energy, and rerouting of supply chains. Chemical markets remain under pressure, having a limited impact on our chemical distribution terminals so far, while industrial terminals maintained solid results, backed by long-term take-or-pay contracts.”
Throughput levels in industrial terminals were ‘solid’ while gas terminals showed firm throughput levels, backed by growing energy demand and energy security considerations.
Last month Vopak signed an MOU with Air Liquide to collaborate on infrastructure for ammonia import, cracking and hydrogen distribution in Singapore (click here).
In February, it commissioned 40,000 cbm of capacity at its Sebarok terminal for blending of biofuels into marine fuels (pictured).
