Vopak expands biofuels storage at Malaysia terminal joint venture

Vopak, a Dutch tank storage company, announced that it will expand its capacity to store biofuels at Malaysia Pengerang terminal Two (PT2SB), as part of a strategy for the company to promote energy transition.

The PT2SB joint-venture is owned by Vopak Terminal Pengerang (VTP), Dialog Equity (Two), PRPC Utilities and Facilities and Permodalan Darul Ta'zim.

Vopak announced in a Wednesday statement that the capacity of its existing plant would be increased by 272,000 cubic metres. A spokesperson for the company said that this capacity would be linked to a bio-refinery run by Pengerang Biorefinery, an existing customer.

Vopak's investment in the project is 72 million euros, or about $82 million.

The company stated that the investment is in line with Vopak's strategic plan to support energy transition and strengthen the industrial position of the terminal in the Singapore Straits.

(source: Reuters)