NEWS
LNG entrant Vopak posts profits increase
Rotterdam, Aug 26 (LNG journal)
- Royal Vopak, the biggest oil and chemicals tank-storage company in the world that's now entering the liquefied natural gas business, posted a 15 percent rise in operating profits as demand was steady worldwide.
Vopak said first-half profit, excluding exceptional items, rose to the equivalent of $105 million compared to $91M in the same period a year ago. That's as sales rose only marginally to $401M from about $399M.
On August 16, Vopak said it had started a feasibility study with Dutch gas company, Nederlandse Gasunie, to develop an LNG terminal at Rotterdam .
The company said in Friday's earnings statement: "Vopak is also maintaining its focus on identifying, evaluating and developing other new projects, including new locations in Asia and the Middle East , as well as new products such as liquefied natural gas.
"This is evidenced by the recent announcements on the collaboration with Korea Gas in the field of LNG, the feasibility study with Gasunie into the development of an LNG terminal on the Maasvlakte at Rotterdam, and the start of the construction of a sixth terminal in China (Zhangjiagang)," it added.
Vopak expects full-year operating profit before extraordinary items to rise 10 percent from last year's $186M.
