Investment in state-of-the-art terminal begins with handover of Coryton assets
Date posted: 01-10-2012
ROYAL Vopak, Greenergy, and Shell UK Limited completed their purchase of assets of the former Coryton refinery on Friday 28 September.
Investment can now begin in creation of a state-of-the-art import and distribution terminal, which will be named Thames Oil Port.
The handover is the final stage in the agreement announced on 26 June 2012 between the three companies and PwC, administrators of Petroplus Refining & Marketing Limited.
The timetable for conversion is still under preparation by the joint venture partners, but the new import terminal is expected to be in operation in 2013. It will be managed by Vopak alongside its existing import terminal at West Thurrock, which is meeting the supply demand at this moment.
Ian Cochrane, managing director of Vopak Terminals UK, comments: “In 2013 we will start operating the UK’s first deepwater terminal. Thames Oil Port will be a sustainable business designed to meet the fuel needs of London and the South East for the foreseeable future. Over the next couple of months as the plans are finalised we will be able to give more information about how that business will be staffed and run.”
The project to develop the terminal facilities will involve significant investments from the joint venture partners and generate employment with contractors who will be undertaking the works. The joint venture partners will also be exploring with local partners other re-development possibilities on the land not required for the terminal project.
Ian warns against expecting an immediate change to this part of the Essex landscape. “We don’t need the most visible parts of the refinery’s structures, but their demolition won’t be an immediate priority. You can expect to see them for some time to come, but there will be a new business powering away behind them.”