Dutch tank storage company Royal Vopak has completed the divestment of its oil terminal in Algeciras, Spain.
In April 2019, Vopak inked an agreement with First State Investments for the sale of 100% of the shares in Vopak Terminal Algeciras for EUR 125 million (USD 138 million).
Previously, Vopak had an 80% controlling stake in the facility.
As explained, the newest divestment is the finalization of the sale of three terminals — Amsterdam, Hamburg and Algeciras — to First State Investments.
The first two terminals were sold in September 2019 for EUR 600 million (USD 655.5 million).
The move is part of the company’s strategy focused on industrial, chemical and gas terminals as well as strengthening its presence in Rotterdam and Antwerp.