Vopak embarks on expansion and cost-cutting plan

Amsterdam

DUTCH oil and chemical storage company Vopak said on Friday that it would expand chemical and bunker-fuel terminals in Antwerp, Rotterdam, Singapore and Indonesia, and consider selling four European petroleum terminals in light of competition in fuel markets leading to a stronger-than-expected drop in its Q2 profit.

Vopak's earnings before interest, taxes, depreciation and amortisation fell 5 per cent in the April-June period to 180.7 million euros (S$282.9 million).

Vopak said it would take six to 12 months to see whether it could get a good price for its terminals in Algeciras, Amsterdam, Hamburg and Tallinn. Its strategic review also includes raising its cost-cutting target for 2019 by 15 million euros to 40 million euros. REUTERS