Mitsui, Vopak to merge activities

March 1, 2006
Mitsui and Co (USA) Inc and Royal Vopak plan to merge their complementary tank terminal activities in the United States and Canada in a new joint venture,

Mitsui and Co (USA) Inc and Royal Vopak plan to merge their complementary tank terminal activities in the United States and Canada in a new joint venture, Vopak said.

Upon the transaction's completion, the venture will result in total storage capacity of approximately 23 million barrels (3.7 million cbm) and access to Vopak's global network.

Vopak will contribute nine terminals in the United States and Canada that handle chemical, biofuel, and petroleum products.

Mitsui USA will contribute a tank terminal in Houston TX that handles a variety of bulk chemicals, petrochemicals, liquefied chemical gases, and petroleum products, Vopak said.

The merged entity will be named Vopak ITC; Mitsui USA and Vopak will participate on a 50/50 basis. This transaction is expected to close by the end of second quarter 2006.