15-Year Ethane Storage and Handling Agreement Signed

Vopak has made a positive final investment decision to expand its global industrial terminal footprint by constructing 160,000 cubic meters of tank infrastructure at Map Ta Phut, Rayong to support US ethane imports to Thailand. Thai Tank Terminal, Vopak's joint venture entity, has signed a significant 15-year contract with PTT Global Chemical Public Company Limited (GC), a leading global chemicals company for ethane storage and handling in Thailand.

Under this agreement, Thai Tank Terminal will construct 160,000 cubic meters of new tank infrastructure supported by a long-term contract and expected to be completed in 2029.

This ethane infrastructure is strategically important. Ethane will serve as long-term raw material supply for petrochemical crackers, enhance cost competitiveness and feedstock security, and strengthen Thailand's leading position in the global chemicals industry.

As part of its investment strategy in Thailand, Vopak plans to allocate approximately EUR 130 million over the coming four years related to storage and other infrastructure in the Map Ta Phut region. These investments are not tied to any specific project and are expected to generate operating cash returns once commissioned. Ethane has a lower carbon footprint compared to conventional feedstocks such as naphtha and aligns with GC's commitment to sustainable and responsible operations.
 
Thai Tank Terminal (TTT) is a joint venture between GC, Gulf Energy Development Public Company Limited and Vopak Holding International B.V. It provides storage and logistics infrastructure for liquid chemicals and gases, ensuring safe and efficient terminal operations at Map Ta Phut, Thailand's largest industrial port. Vopak's stake in Thai Tank Terminal is 35%.

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