By Adria Calatayud
A joint venture between Koninklijke Vopak NV and BlackRock Inc.'s Global Energy & Power Infrastructure Fund has agreed to acquire three industrial terminals on the U.S. Gulf Coast from Dow Inc. for $620 million, Vopak said Monday.
Vopak, a Dutch tank-storage company, said a new joint venture called Vopak Industrial Infrastructure Americas LLC, has been selected by Dow for the deal. The JV will enter into long-term service agreements with Dow for storage and infrastructure services, the Dutch company said.
The total capacity of the three terminals--in Freeport, Texas, St. Charles and Plaquemine, both in Louisiana--is 852,000 cubic meters, Vopak said.
The deal is expected to be closed before the end of 2020, subject to customary closing conditions, Vopak said.
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