Inter Pipeline acquires Koinklijke Vopak (Vopak Sweden), which consists of four petroleum and petrochemical storage terminals in Gothenburg, Malmö, Södertälje and Gävle, Sweden. The acquisition increases Inter Pipeline’s total European storage capacity to around 27 million barrels.
All four terminals are located along the Baltic Sea and Danish Straits: a major petroleum trade route. They have a combined storage capacity of 7.1 million barrels across 144 tanks and five underground caverns. The transaction involved consideration of SEK865 million (€78 million), excluding customary closing adjustments.
Christian Bayle, president and CEO of Inter Pipeline, says: 'This is an immediately accretive transaction that will further diversify and strengthen our European bulk liquid storage business. The acquisition increases our storage capacity in Europe by approximately 40%, while complementing Inter Pipeline’s existing storage operations in the UK, Denmark, Germany and Ireland.'
