Exolum completes 50% acquisition of Houston storage terminal

This transaction was fully aligned with Exolum’s strategy of trying to position itself as a leading manager of infrastructure and decarbonising fuel in forthcoming decades. The investment represented an opportunity for Exolum’s business development in the US and the acquisition of key competences to implement innovative projects in Spain that are aligned with the energy transition.

VMH is the only waterborne ammonia terminal on the Houston Ship Channel with a Very Large Gas Carrier (VLGC)-capable deepwater berth and is strategically connected via pipeline to the Port of Houston’s petrochemical complex, the largest petrochemical hub in the US and the world’s second largest, which makes it a key terminal. The facility provides ammonia and natural gas liquid (NGL) storage services, with VMH announcing at the end of last year plans to build a new facility for the large-scale export of low-carbon ammonia.

Exolum and Vopak have alliances in two other companies: Terquimsa, engaged in the receipt, storage and dispatch of bulk liquid products from its facilities located in the ports of Tarragona and Barcelona, and HSL Technologies, a French start-up focused on the development of hydrogen logistics, in this latter case together with other partners.

Jorge Lanza, Exolum’s CEO, stated that “Exolum wishes to become a key player in the development of supply chains for new sustainable energy vectors such as ammonia and green methanol, both of which are hydrogen derivatives. This operation, Exolum’s first in the US, will enable us to continue strengthening our position in strategic ports. It also allows us to further promote the energy transition and the decarbonisation of mobility, which are central to our Sustainability Master Plan.”

Read the article online at: https://www.tanksterminals.com/terminals/17012024/exolum-completes-50-acquisition-of-houston-storage-terminal/