Odfjell Terminals entered into an agreement with Koole Terminals B.V. of the Netherlands (Koole) to sell its 100% ownership of Odfjell Terminals Rotterdam (OTR).
The sale will generate USD 100 million of cash proceeds to Odfjell. Odfjell announced that the transaction has closed.
According to Koole Terminals, Odfjell Terminals will be rebranded to Koole Tankstorage Botlek (KTB). Located in the heart of the Port of Rotterdam, KTB stores both chemical and mineral oil products and operates a PID facility.
John Kraakman, CEO Koole Terminals: “We are pleased to extend our terminal network and will work hard to transform KTB further into a state of the art terminal, where safety is our priority number one. We are convinced that introducing the Koole spirit of true client dedication and entrepreneurship will help KTB to become a success.”
This acquisition fits in Koole’s long term growth strategy. It also gives us the opportunity to further extend our position in the circular economy by the storage of renewable products and the production of biofuels.
Koole’s overall storage capacity will increase from 2,2 to 3,8 million cubic metres.