Vopak will invest an additional 1 billion Euros in industrial and gas terminals before 2030

Vopak, the Dutch tank storage company, doubled its investment goal for expanding its industrial and gas footprint. The company has committed another 1 billion euro ($1.1 billion) to it until 2030.

Vopak, a company that provides storage and handling to end markets in the energy and manufacturing industries, stated that its growth strategy is supported by positive market outlooks and demand for infrastructure.

Vopak said that it had achieved its goal of increasing its industrial and gas footprint by investing 1 billion euros by 2030. This was ahead of schedule.

The majority of these investments was in gas infrastructure, to address energy affordability and security needs. A substantial portion has been committed to growing markets such as India and China," the report added.

The Rotterdam based company wants to expand its industrial and gas terminals, while selling off less profitable assets on the oversupplied chemical market.

It has also increased its target for operating cash returns to over 13%, up from its previous guidance that was above 12%.

The metric will improve year-on-year in 2024 to reach 15.1%. $1 = 0.9192 euro (Reporting and editing by Milla Nissi in Gdansk, Anna Peverieri, and Alban Kachcher)

(source: Reuters)