Mitsui (USA) subsidiary, Intercontinental Terminals Company (ITC), Mitsui (Europe) and independent terminal operator, Rubis Terminal, have entered into an agreement to invest jointly in a new 110,000 cubic metre terminal in Antwerp, Belgium for the storage and handling of various liquid chemicals, gases and petroleum products.
Under the agreement, Mitsui and ITC will jointly acquire a 50% share, and Rubis will retain 50% of the shares of the JV, which will be renamed ITC Rubis Terminal Antwerp.
The agreement is subject to regulatory approval.
The new terminal will be located on the left bank of the Schelde River. Antwerp is one of the world's prime locations for the petrochemical industry. The consistent industry growth requires additional infrastructure for marine and land logistics. The terminal will strengthen the logistics facilities in the Antwerp chemical cluster and will support the growing need for storage of petrochemicals for the European market.
In time, the joint venture intends to expand the facility to a total capacity of 400,000 cubic metres.
The construction of the first phase will start in 2008, with start-up of operations planned for the second half of 2009.
The terminal will have a deepwater jetty with six berths capable of handling large size chemical tankers, coasters and barges, and the required rail and truck handling facilities.
Under the agreement, Mitsui and ITC will jointly acquire a 50% share, and Rubis will retain 50% of the shares of the JV, which will be renamed ITC Rubis Terminal Antwerp.
The agreement is subject to regulatory approval.
The new terminal will be located on the left bank of the Schelde River. Antwerp is one of the world's prime locations for the petrochemical industry. The consistent industry growth requires additional infrastructure for marine and land logistics. The terminal will strengthen the logistics facilities in the Antwerp chemical cluster and will support the growing need for storage of petrochemicals for the European market.
In time, the joint venture intends to expand the facility to a total capacity of 400,000 cubic metres.
The construction of the first phase will start in 2008, with start-up of operations planned for the second half of 2009.
The terminal will have a deepwater jetty with six berths capable of handling large size chemical tankers, coasters and barges, and the required rail and truck handling facilities.