Trafigura joint venture Impala Terminals Group has bought an insolvent oil storage terminal in Rotterdam port as part of an upgrade plan.

The trading giant said Impala acquired the HES Hartel Tank Terminal site at auction.

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No price was revealed, but Trafigura said the facility will be renamed Impala Energy Infrastructure Netherlands.

The venture plans to turn the site into a major asset for the region, with 1.3m cbm of storage capacity for bulk liquid, strengthening the port’s role as a key strategic hub for the international trade of essential commodities.

Impala will provide additional investment of between €90m and €100m ($98m-$109m) over the next two years to complete its rebuild.

This will involve more than 50 tanks, berths capable of loading tankers up to VLCCs, plus nine barge jetties.

“Importantly, the terminal will be capable of storing a variety of biofuel products, helping to facilitate the energy transition for the region,” Trafigura said.

Construction of the terminal was put on hold in December 2022 after several setbacks, including the Covid pandemic, other delays and additional costs.

In January, project owner HES Hartel Tank Terminal was declared insolvent and an auction process began.

“I am pleased to announce that the sale process for the terminal asset will conclude next week and that Impala Energy Infrastructure Netherlands is the purchaser of the asset,” said auction curator Carl Hamm.

‘A good outcome’

“This is a good outcome for all parties involved and, most importantly, Impala will make the necessary investment to complete and commission this important asset in the Port of Rotterdam.”

Impala, a 50/50 joint venture with IFM Investors, has more than 45 assets in 29 countries for bulkers and tankers.

Impala Energy Infrastructure chief executive Sjoerd Bazen said: “This is an excellent development for Impala, particularly as it will provide our strategic customers with a strong and sustainable asset located within the Port of Rotterdam in the major trading hub of ARA [Antwerp Rotterdam Amsterdam].”