Vopak has reached agreement with its partners in the Pakterminal joint venture to buy the remaining 50% of the shares. The transfer of shares will take place before year-end 2007.
Pakterminal is located in Tallinn, Estonia, a strategic location for the export of petroleum products from Russia to other areas of the world. The terminal consists of  33 tanks with a total storage capacity of 305,200 cubic metres. It has 3 berths for vessels and several stations for handling tank trucks and railcars.
After our partners decided to offer their shares for sale, Vopak used this opportunity to increase its ownership to safeguard the independent nature of the terminal.
Vopak has also reached an agreement with the owners of E.O.S., to investigate the possibility of developing a partnership between Pakterminal and E.O.S. in Tallinn. The potential partnership is amongst others subject to further due diligence by both parties and would need to be approved by the Authority for Competition in Estonia.
The E.O.S. terminals consist of 40 tanks with a total storage capacity of  435,000 cbm, and 3 berths. The combination of the two companies would create an efficient and independent storage company, very well positioned to take advantage of the excellent location of this ice-free, deep water port in the Baltic area.