Vopak commits an extra €1bn to grow industrial infrastructure

© Royal Vopak / the company is targeting low-carbon fuels and feedstocks

© Royal Vopak / the company is targeting low-carbon fuels and feedstocks

Dutch tanks and infrastructure business Royal Vopak is spending €1bn more on gas and industrial infrastructure to accelerate the energy transition, taking its overall investment to €2bn. The investment was confirmed at its Capital Markets Day.

It will focus on infrastructure solutions for low-carbon fuels and sustainable feedstocks, ammonia as a hydrogen carrier, liquid CO2, and battery energy storage.

CEO Dick Richelle said an increased operating cash return target of above 13% and a new commitment to capital spending makes it well-positioned to capture additional growth opportunities.

The majority of existing investments by the company have been in gas infrastructure to address energy security and affordability needs, and a substantial portion has been committed to growth markets such as India and China.