Rotterdam, Netherlands [Europe]: Vopak, a leading chemical terminal operator in the Port of Rotterdam, has announced a strategic review of its three sites in the Netherlands. The outcome may result in partial divestment of the terminals. This news was made public on Wednesday.

The Netherlands-based company is continuing to shift their portfolio toward new energies and feedstocks, prompting them to review the Botlek, TTR and Chemiehaven chemicals terminals in Rotterdam. This follows the divestment of their Canadian oil terminals.

“The outcome of the review may include (partial) divestment of these locations. As the outcome is currently unknown, no further details can be disclosed,” the company stated in a statement.

The company is continuing to advance its industrial and gas terminals, with an expansion of capacity in Caojing, China. Additionally, in this month alone it has completed the purchase of Gunvor's stake in a petrochemicals facility located within Antwerp, Belgium.

Vopak, a petrochemical player in the area, is looking to take advantage of this location to provide decarbonisation solutions. This announcement was made by Vopak chief Dick Richelle.

“We accessed a prime location in Europe’s leading petrochemical cluster, the Port of Antwerp,” he stated. “This offers a unique opportunity to implement our strategy, forge new partnerships and support the industry in its decarbonisation by developing critical infrastructure.”

The terminals and storage major reported an impressive profit increase in the fourth quarter of 2022, with €88.5 million earned compared to the previous quarter's €77.1 million and year prior's €69.1 million. The occupancy rates have also experienced a rise with 90% recorded across operations.