Vopak, a leading global tank storage company, has taken a Final Investment Decision (FID) to expand its biofuel tank storage capacity in Brazil. The expansion is part of the company’s strategic plan to cater to the growing demand for renewable energy and sustainable fuels.
The project, located at the company’s terminal in Açu, Rio de Janeiro, involves the construction of new tank storage facilities that will increase Vopak’s biofuel capacity by 70%. The expansion will enable the company to store and handle various types of biofuels, including biodiesel and ethanol, as well as other renewable energy products.
The decision to expand the terminal is driven by the increasing demand for sustainable fuels in Brazil and globally. The country has set ambitious targets to increase its use of biofuels, aiming to reduce greenhouse gas emissions and dependence on fossil fuels. The expansion will enable Vopak to play a key role in supporting the growth of the biofuel industry in Brazil.
The project is expected to be completed by 2025 and will involve an investment of approximately $100 million. The expansion will create new job opportunities during the construction phase and will also lead to the creation of permanent jobs once the facility is operational.
Vopak’s CEO, Dick Richelle, highlighted the company’s commitment to sustainability and its role in the energy transition. “This expansion is an important step in our strategy to support the growth of renewable energy and reduce our carbon footprint,” he said. “We are pleased to be able to contribute to the development of the biofuel industry in Brazil and to support our customers in their sustainability goals.”
The expansion is also expected to benefit Vopak’s customers, who will have access to increased storage capacity, improved logistics, and a wider range of services. The company’s terminal in Açu is strategically located, with access to deepwater berths and a direct connection to the Brazilian rail network, making it an ideal location for the import and export of biofuels.
Overall, Vopak’s FID on the Brazilian biofuel tank expansion demonstrates the company’s commitment to sustainability and its role in the energy transition. The project is expected to have a positive impact on the environment, the local community, and the company’s customers, and is an important step in Vopak’s strategy to support the growth of renewable energy.