Today, PT2SB, a joint venture between Petroliam Nasional Berhad (PETRONAS), Dialog Group Berhad (Dialog), The state of Johor (SSI) and Royal Vopak announces that it has signed a USD 1.25 billion senior financing agreement with a banking syndicate of 9 international banks.

The financial facilities will be used to finance the PT2SB industrial terminal in Pengerang, State of Johor, Malaysia. The construction of PT2SB started in early 2015 and is scheduled for commissioning in various phases during the first half of 2019.

This industrial terminal will predominantly serve the world scale PETRONAS Refinery and Petrochemicals Integrated Development project (RAPID) as its main customer. PT2SB will have an initial storage capacity of 1.65 million cubic meters for crude, refined products, petrochemical products and Liquefied Petroleum Gas (LPG). The marine infrastructure includes 12 berths.The draft of 24 meters can also accommodate very large crude carriers.

The project costs are estimated around USD 1.6 billion, of which approximately 20% will be funded with equity contributions by the shareholders and approximately 80% is provided in the form of project financing through the abovementioned banking syndicate.

The financing facilities will have a final maturity of 15 years with a repayment schedule which starts after commissioning. The financing is initially based on variable interest rates and PT2SB will enter into financial hedge instruments to materially reduce the potential interest exposure.

Jack de Kreij, Vice-Chairman of the Executive Board and CFO of Vopak commented: "We are proud that we have been able to secure the financing for this flagship project and we are very pleased with the commitment demonstrated by nine relationship banks participating in the financing of this project. This capital efficient funding of the project also creates significant additional financial flexibility for our company."

Banking syndicate and advisors
The syndicate of banks consists of AmInvestment Bank, DBS, ING Bank, Maybank, MUFG, Natixis, OCBC, SMBC, and UOB. These banks all acted as Mandated Lead Arrangers.

SMBC acted as financial advisor and Allen & Overy acted as International legal advisor with PNC as Malaysian counsel to PT2SB. The syndicate of 9 banks were advised by Norton Rose Fulbright as International counsel and ASL as Malaysian counsel.

Analyst Day: Vopak presents view on developments in the oil, chemicals and gas markets

Today, Vopak hosts its Analyst Day for equity (sell-side) analysts in Rotterdam, the Netherlands. The half-day event features presentations by Vopak's Global Product Directors on the developments in the oil, chemicals and gas markets. The presentations are available through Vopak's website.

Vopak presents the following highlights on the product-markets it operates in:

Oil products: Soft short-term markets with solid long-term underlying demand, supported by the growing petrochemical and transportation sector. Energy transition changes overall mix in demand for oil products and IMO 2020 will impact global fuel oil and bunker markets causing transition challenges in the short-term, and resulting in new opportunities in the mid- to long-term.
Chemicals and LPG: Steady growth path continues globally. To meet new demand, new petrochemical complexes are expected to arise in feedstock advantaged regions (US and Middle East) and close to growing end markets (Asia). The strong increase in supply coming from shale gas developments in North America will result in increasing global LPG trade requiring additional infrastructure.
LNG: Surge in LNG supply creates opportunities to open new markets. Bulk of the growth in LNG demand comes from new importing countries, mainly driven by increasing energy demand. Developments in gas-to-power, along with trends in FRSUs and LNG bunkering, are shaping the LNG industry, which play a key role in expanding access to gas across the globe.
Vopak also addresses the implications of the new Leases accounting standard IFRS 16, which comes into effect on 1 January 2019.

Vopak will organize its next Capital Markets Day in HY2 2018.

Direct link to the page where the Analyst Day presentations are published
ga naar www.vopak.com

Forward-looking statements
This document contains 'forward-looking statements' based on currently available plans and forecasts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future, and Vopak cannot guarantee the accuracy and completeness of forward-looking statements.