Latest news with #Vopak
New Straits Times
2 days ago
- Business
- New Straits Times
Dutch energy firm Vopak expands Pengerang terminal for biofuels growth
KUALA LUMPUR: Dutch energy storage company Vopak will expand its capacity at the Pengerang Terminal (Two) Sdn Bhd (PT2) in Malaysia by 272,000 cubic metres to support the storage of biofuels feedstocks and products. In its latest financial results, Vopak said the decision is backed by a long-term take-or-pay agreement with an existing customer operating a nearby biorefinery. The new capacity will be industrially integrated with the customer's facility, creating operational synergies. The total investment for the project is EUR282 million (about RM1.46 billion), of which Vopak's share amounts to EUR72 million. The company expects the expansion to begin contributing to its operating cash flow once commissioned by mid-2028. Vopak said the move aligns with its long-term strategy to accelerate the development of infrastructure that supports the global energy transition.
CNA
7 days ago
- Business
- CNA
Google partners with Italy's Energy Dome on zero-emission power supply
MILAN :Italian energy storage firm Energy Dome said on Friday it had entered a commercial partnership with Google to supply carbon-free energy to the grids that power the operations of the U.S. tech giant. As part of the agreement, Google has made a strategic investment in Milan-based Energy Dome, which has developed a CO2 battery technology to support the energy transition through long-duration energy storage solutions, the companies said in a joint statement. They did not disclose the financial details. Google joins other investors in the Italian energy storage firm such as Oman's sovereign wealth fund and global tank storage operator Vopak. Google's first commercial long-duration energy storage deal is part of a growing number of advanced energy technologies the group needs to hit a goal to run its operations on 24/7 carbon-free energy by 2030. Energy Dome's CO2-based system stores energy by compressing and liquefying carbon dioxide, which is later expanded to generate electricity. The technology avoids the use of scarce raw materials such as lithium and copper, making it potentially attractive to European policymakers seeking to reduce reliance on critical minerals and bolster energy security. Energy Dome launched its first commercial-scale plant in Sardinia in 2022 with a view to completing it by the end of 2024, with a 24-hour cycle and a 20-megawatt capacity able to power 13,000-15,000 houses.
The Citizen
04-07-2025
- Sport
- The Citizen
Local runners go the distance at Comrades
Local runners go the distance at Comrades The Heidelberg Athletics Club recently celebrated a strong performance at the 2025 Comrades Marathon, made possible in part by sponsorship from Vopak. The support helped ensure the club's athletes could compete in the prestigious ultra-marathon without added financial strain. Although the runners had already paid for registration and accommodation, the club approached Vopak earlier this year for more help. Vopak responded by covering the team's transportation costs and providing a branded gazebo for use at the event. This gesture, aimed at encouraging athletic excellence and community involvement, was welcomed by the athletes and the club officials. All eight athletes representing the club completed the gruelling race, with these times recorded: • Vusi Mdhluli – 08:14:40; • Lerato Motaung – 08:44:49; • Ndivhuho Mukwevho – 08:56:31; • Ndumiso Mayongo – 09:43:17; • Thulani Namo – 09:50:17; • Albert Kheswa – 10:47:26; • Mfundo Mkhwanazi – 10:52:15; • Mzwandile Gcaleka – 10:52:15. The club thanked Vopak, emphasising the impact of their contribution on the team's morale and performance. 'This partnership with Vopak met our logistical needs and inspired our athletes to push themselves to the finish line,' said a club representative. 'It's a shining example of how corporate support can uplift communities and help grow local sporting talent.' The club aims to continue working with sponsors as it remains focused on developing athletes and promoting participation in competitive sports. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
Business Recorder
02-06-2025
- Business
- Business Recorder
Indian benchmarks end lower as IT, metals outweigh growth boost
India's equity benchmarks ended marginally lower on Monday, led by IT and metals stocks, as global trade concerns outweighed optimism from stronger-than-expected domestic growth data. The Nifty 50 dipped 0.14% to 24,716.6, while the BSE Sensex fell 0.09% to 81,373.75. On Friday, U.S. President Donald Trump threatened to double tariffs on imported steel and aluminium to 50% from June 4, reigniting global trade concerns. Metals and IT companies ended 0.7% lower and were the top sectoral losers by percentage. Rising trade tensions could weigh on the U.S. economy and tech spending and delay rate cuts by the Federal Reserve amid worries of tariff-driven inflation. Metal stocks dropped as much as 1.3% during the session but pared losses after India's steel minister estimated only a minor impact from Trump's tariff announcement on steel. Vopak's Indian JV starts trading on Mumbai stock exchanges The losses in both sectors outweighed gains fuelled by India's economy surging 7.4% in January to March, above a Reuters forecast of growth of 6.7%. Despite upbeat economic growth, global trade turbulence has weighed on market sentiment, limiting any scope for a meaningful upside, said Ajit Mishra, senior vice president of research at Religare Broking. Investors await the Reserve bank of India's policy decision on June 6, where the central bank is expected to cut interest rates by 25 basis points. Rate-sensitive sectors gained on the day, with realty and state-owned lenders rising about 2.3% and 2.2%, respectively, and consumer stocks advancing 0.8%. Among individual stocks, Mphasis fell 2.7% after a report of losing long-time client FedEx to Accenture. While the blue-chips fell on Monday, the broader, more domestically focussed small-caps and mid-caps gained 1.2% and 0.6%. They have gained 23.1% and 20.6% since the start of March, outperforming the Nifty 50's 11.7% rise, with Motilal Oswal analysts attributing the outperformance to unexpected earnings resilience in broader markets.
Business Recorder
02-06-2025
- Business
- Business Recorder
Vopak's Indian JV starts trading on Mumbai stock exchanges
Dutch tank storage group Vopak said on Monday its Indian joint venture, Aegis Vopak Terminals, started trading after completing its initial public offering. The issue price for the IPO was 235 rupees ($2.75) per share, at the top end of the previously announced price range, the group said. The shares were trading at 238.89 rupees around 0539 GMT. The offering 'strongly supports Vopak's strategy of expanding our portfolio of gas and industrial terminals,' group CEO Dick Richelle said. The transaction will result in an exceptional dilution gain of around 110 million euros ($125.09 million) to be recorded by Vopak in the second quarter, the company said. Vopak has terminals in seven Indian ports and expects to benefit from the dynamic growth of the country's economy, with many more investment opportunities, notably in the liquefied petroleum gas (LPG) market.
