Vopak Says No Go On Tank Storage Sale

Monday, April 09, 2001
Dutch-based chemical distribution and storage company Vopak NV said on Monday it was not considering selling its tank storage activities despite interest from another company.

Vopak's statement followed a report that the company had received a 1.1 billion euro bid for its tank storage activities from a foreign company.

But Vopak said hiving off the tank storage activities, which contributed about two-thirds of the company's cash flow, was not consistent with its strategy.

"Capitalizing on the prevailing cohesion between logistics and chemical distribution continues to be the cornerstone of our strategy, particularly since the oil and chemical industry is increasingly striving for consolidation of its logistics and distribution activities," company officials said.

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