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  • Inter Pipeline Announces Acquisition of a Bulk Liquid Storage Business in Sweden
    édité le 12/06/2015 - Plus de news de "Inter Pipeline" - Voir la fiche entreprise de "Inter Pipeline"

Inter Pipeline Announces Acquisition of a Bulk Liquid Storage Business in Sweden
Inter Pipeline Ltd. ("Inter Pipeline") (TSX:IPL) announced today that it has completed the acquisition of four petroleum and petrochemical storage terminals in Sweden from a subsidiary of Koninklijke Vopak N.V. ("Vopak"). The transaction involved consideration of SEK 865 million, or approximately $131 million Canadian excluding customary closing adjustments, and was funded by capacity available under Inter Pipeline's revolving credit facility.

"This is an immediately accretive transaction that will further diversify and strengthen our European bulk liquid storage business. The acquisition increases our storage capacity in Europe by approximately 40%, while complementing Inter Pipeline's existing storage operations in the United Kingdom, Denmark, Germany, and Ireland," commented Christian Bayle, President and Chief Executive Officer.

The acquisition increases Inter Pipeline's total storage capacity in Europe to approximately 27 million barrels. It strengthens Inter Pipeline's position as a leading storage business in Europe and establishes Inter Pipeline as the largest independent bulk liquid storage provider in Scandinavia.

Transaction Overview

- Inter Pipeline has acquired 100% of the shares of Vopak Sweden AB in an all cash transaction. The Swedish business, which will be renamed Inter Terminals Sweden, consists of four coastal terminals located at Gothenburg, Malmo, Sodertalje and Gavle.

- Key investment highlights related to the acquisition are described below:

- All four terminals are strategically located along the Baltic Sea and Danish Straits, a major petroleum trade route for marine transport vessels;

- The Gothenburg terminal is the largest independent storage facility in Scandinavia's largest port. It is pipeline connected to three local refineries, providing strategic infrastructure in support of import and export activities;

- Combined storage capacity of 7.4 million barrels across 144 well maintained tanks and five underground caverns;

- Highly complementary to Inter Pipeline's existing terminals in Denmark, resulting in enhanced product storage and custom blending solutions for customers;

- Deep water loading and unloading access for large marine vessels including Aframax class tankers;

- Historically high utilization rates, averaging 87% over the past four years;

- High quality assets serving a diversified customer base including integrated oil companies, chemical companies and major petroleum traders;

- Approximately 93% of revenue is fixed under term storage contracts with the remaining 7% being generated from ancillary services such as throughput fees; and

- This acquisition is immediately accretive to Inter Pipeline's funds from operations.

About Royal Vopak

Royal Vopak is the world's leading independent tank storage provider for the oil and chemical industry. As of 10 June 2015, Vopak operates 74 terminals in 27 countries with a combined storage capacity of 32.7 million cbm, with another 5.8 million cbm under development, to be added during the period 2015 - 2019. Vopak's mission is to ensure safe, reliable and effective storage and handling of bulk liquid products at key marine locations that are critical to its customers around the world. The majority of its customers are companies operating in the oil, chemicals and gas sector, for which Vopak stores a large variety of products destined for a wide range of industries. Vopak's strategic focus is on four categories of terminals: Major hubs, supporting intercontinental products flows. Terminals facilitating growth in global gas markets. Import distribution terminals in major markets with structural deficits. Industrial and chemicals terminals, in the Americas, the Middle East and Asia.

About Inter Pipeline

Inter Pipeline is a major petroleum transportation, bulk liquid storage and natural gas liquids extraction business based in Calgary, Alberta, Canada. Inter Pipeline owns and operates energy infrastructure assets in western Canada and northern Europe.
Inter Pipeline is a member of the S&P/TSX 60 Index and its shares trade on the Toronto Stock Exchange under the symbol IPL.

See the site of the terminal in Gotheborg
See the site of the terminal in Gävle
See the site of the terminal in Malmoe
See the site of the terminal in Södertälje

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