Oil Storage Firm Vopak Accelerates Investments in 2020

Dutch oil and chemical storage company Vopak said on Friday it would accelerate its investments in the reminder of the year to expand its terminal portfolio.

The group, which operates tank terminals around the world, now expects its capex to be in the range of 500 million to 600 million euros ($590.70 million-$708.84 million) this year, but sees fewer investments in 2021, reducing the range to between 300 million euros to 350 million euros.

It had previously forecast investments in new capacity of up to 500 million euros this year and in the range of 300 million to 500 million euros in 2021.

Vopak reported earnings before interest, taxes, depreciation and amortisation (EBITDA) at 200.1 million euros in the third quarter, slightly down from 202.4 million euros in the same period a year ago.

($1 = 0.8465 euros)

Reporting by Charles Regnier; Editing by Jacqueline Wong

Source: Reuters

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