Canada-based Inter Pipeline buys storage terminals in Sweden from Vopak
Calgary-based Inter Pipeline said on June 10 that it has completed the acquisition of four petroleum and petrochemical storage terminals in Sweden from a subsidiary of Koninklijke Vopak N.V. for some 131 million Canadian dollars.
"This is an immediately accretive transaction that will further diversify and strengthen our European bulk liquid storage business. The acquisition increases our storage capacity in Europe by approximately 40%, while complementing Inter Pipeline's existing storage operations in the United Kingdom, Denmark, Germany, and Ireland," said Christian Bayle, the company’s president and CEO.
The acquisition increases Inter Pipeline's total storage capacity in Europe to approximately 27 million barrels. It strengthens Inter Pipeline's position as a leading storage business in Europe and establishes Inter Pipeline as the largest independent bulk liquid storage provider in Scandinavia, the company said. The Swedish business which will be renamed Inter Terminals Sweden consists of four coastal terminals at Gothenburg, Malmo, Sodertalje and Gavle.
