(Reuters) -Dutch tank storage company Vopak on Thursday doubled the investment target for growing its gas and industrial footprint, committing another 1 billion euros ($1.1 billion) into it through
Vopak to Invest €1 Billion in Gas and Industrial Terminals by 2030
(Reuters) -Dutch tank storage company Vopak on Thursday doubled the investment target for growing its gas and industrial footprint, committing another 1 billion euros ($1.1 billion) into it through 2030.
Vopak, which provides storage and handling services to key energy and manufacturing end markets, said its growth strategy was supported by the positive outlook and market demand for infrastructure.
"Vopak has achieved its target to grow its gas and industrial footprint by committing 1 billion euro by 2030, ahead of schedule," the group said in a statement.
"The majority of these investments were in gas infrastructure to address energy security and affordability needs, a substantial portion has also been committed to growth markets like India and China," it added.
The Rotterdam-based company is seeking to expand its gas and industrial terminals while shedding less profitable assets in the oversupplied chemicals market.
It also raised its operating cash return target to more than 13%, compared with its previous guidance of above 12%.
In 2024, the metric improved year-on-year to reach 15.1%.
($1 = 0.9192 euros)
(Reporting by Anna Peverieri and Alban Kacher in Gdansk; editing by Milla Nissi)
