The Vopak Way: 75 global operational standards
Headquartered in Rotterdam in The Netherlands, Royal Vopak (Vopak) is the world largest independent storage and handling operator of oil and gas and petrochemical products.
Established in 1999 from the merger between Pakhoed and Van Ommeren, Vopak operates 84 terminals in 31 countries with a global storage capacity of 30 million cubic meters.
Before the merger, Vopak’s experience in storage and services to trading companies goes 400 years back as far as 1616 when Rotterdam was the gate used by the Dutch East Indies Company to import and distribute in Europe coffee, tea and spices.
In the 1890s, started the importation of oil from the USA for which Vopak built the first oil storage tank in Europe.
Since then, Vopak remained an independent company listed in Amsterdam which managed to set up a global market leadership in the storage and handling of liquid or gaseous chemicals, condensate, natural gas, liquefied natural gas (LNG), biofuels, vegetable oils and oil products with the support of 5,900 employees.
A part of this success is related to the selection of the location where Vopak installed its storage terminal along the major shipping routes and in connection with oil and gas and petrochemical industry.
In that respect Vopak works as well with international oil companies (IOCs) as local national oil companies (NOCs).
Because of the nature of the products stored and handled in its terminals, Vopak differentiate its services to the trading companies by its safety and operational excellence driven by 75 global operational standards, the Vopak Way.
Driven by the geography, Vopak conventional oil and gas and petrochemical storage and handling activities are organized around five divisions:
- Asia
- Europe, Middle East Africa (EMEA) Division
- Latin America
- North America
- The Netherlands
In parallel to its conventional activities, Vopak is developing LNG Terminal.
In 2011, Vopak acquired an LNG import terminal in Altamira, Mexico, with an annual throughput capacity of 7,4 billion cubic meters per year (bcmy).
In the Port of Rotterdam in The Netherlands, Vopak and its partner Gasunie commissioned an independent LNG terminal facility, with a throughput capacity of 12 bcmy.
Vopak Key Figures
- 2011 Revenues: $1,5 billion
- 2010 Revenues: $1,41 billion
- 2009 Revenues: $1,28 billion
- 2011 Earnings: $0,81 billion
- 2010 Earnings: $0,76 billion
- 2009 Earnings: $0,65 billion
- 2011 Capital Expenditure: $0,9 billion
- 2010 Capital Expenditure: $0,72 billion
- 2009 Capital Expenditure: $0,68 billion
Vopak Projects and Business Highlights
As a storage and handling services provider, Vopak intends to increase its global foot print in building new capacities in location critical for its oil and gas and petrochemical customers.
Then Vopak will continue its development in LNG terminals in all parts of the world.
Vopak’s strategy relies on three foundments:
- Growth market leadership to locate new terminals on the most active spots
- Operational excellence to guaranty safety and costs efficiency
- Customer leadership to build long term relationships
In that respect, Vopak is creating a joint venture with SABIC to be build a new chemical terminal in Al Jubail on the east coast of Saudi Arabia.
Al Jubail is one of the largest petrochemical complex in the world where SABIC, ExxonMobil and Shell are planning further expansion and new projects giving the opportunity to Vopak to increase its local market leadership.
With a capacity of 250,000 cubic meters, this new storage facility should require $400 million capital expenditure for a completion planned in 2015.
In the same region, in the Emirates of Fujairah, member of the UAE, Vopak in joint venture with the Vitol Group is planning the expansion of their actual oil terminal with additional 855,000 cubic meters capacity.
In UK, Vopak and Shell are planning a state-of-the-art import and distribution terminal for oil products with capacity around 500,000 cubic meters (cbm), with potential to expand to up to 1 million cbm in later stages.in Thames Oil Port on the former Coryton refinery.
By 2015, Vopak is planning expansion projects representing 5,0 million cubic meters (cbm) of additional storage capacity, consolidating its market leadership with a total worldwide storage capacity of 34,9 million cbm.
