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Vopak and Zamil Group Sign MOU to Develop JV

Source: www.gulfoilandgas.com 12/23/2009, Location: Middle East

Royal Vopak of the Netherlands and the Zamil Group of Saudi Arabia announce the signing of a Memorandum of Understanding between both companies, expressing their intention to develop a joint venture company for the Middle East and North Africa (MENA) region. This joint venture aims to develop independent bulk liquid and liquefied natural gas terminal facilities across the MENA region, in order to provide tank storage services to the oil and chemical majors, trading companies and natural gas suppliers. This is a further step in both companies’ growth strategy in this important and rapidly expanding market.

The MENA area is one of the world’s foremost locations for oil and petrochemicals. The next stage of the region’s development will be the large scale manufacture and distribution of intermediate and specialty chemicals and high quality oil products. The production of these value added goods is expected to generate new growth in the industrial base of the Middle East. Vopak and Zamil Group believe that developing world class independent bulk liquid storage terminals at strategic locations will be a significant contributing factor in providing the high quality logistic services required for the region’s continuing development.

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