Vopak, Sabic form joint venture to build export terminal in Saudi Arabia

Royal Vopak, the world’s largest independent tank storage service provider, announced that it will build, together with Saudi Basic Industries Corp. (Sabic), a new storage terminal in King Fahd Industrial Port at Jubail, Saudi Arabia. For this purpose, the two companies have established a joint venture, the Jubail Chemical Storage and Services Company (JCSSC), in which Sabic holds 75% and Vopak 25%.
Financial details of the deal were not revealed other than financing will come from the parties’ own resources, as well as through external funds.
The new facility will have an initial storage capacity of approximately 250,000 cbm. The first phase will consist of around 40 commodity and specialty chemical storage tanks, complete with truck handling and ship loading facilities for five berths, and is expected to be ready for commissioning by early 2015. This capacity can be expanded in the future.
The investment in this industrial terminal will provide the petrochemical industry in Jubail with a critically important export facility, designed to the highest safety standards, and will enable the continued growth of the petrochemical and downstream industries in one of the largest petrochemical production locations in the world.