Nov 20 2007
Mitsui & Co. (U.S.A.), Inc. ("Mitsui USA") announced today its subsidiary Intercontinental Terminals Company LLC ("ITC"), Mitsui & Co., Europe Plc ("Mitsui"), and Rubis Terminal S.A. ("Rubis") entered into an agreement to invest jointly in a new 110,000 cbm 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. The company will be renamed ITC Rubis Terminal Antwerp S.A. 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 be strengthening the logistics facilities in the Antwerp chemical cluster and will support the growing need for storage of petrochemicals for the European market. With time, the joint venture intends to grow the facility to a total capacity of 400,000 cbm.
The construction of the first phase will start in 2008 while the start up of operations is 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. The terminal will have the required rail and truck handling facilities and is authorized to handle a wide range of chemical liquids and gases.
Rubis Terminal CEO Olivier Mistral commented: "Along with our existing position in northern Europe, this alliance will provide Rubis with a true international scope and will substantially increase our customer base."
Kiyoshi Masuko, Divisional Operating Officer for Mitsui Europe, added: "We are very happy to participate in this new project, which will strengthen our position in serving the European chemical industry."
"Together with our joint venture partners we wish to replicate ITC's long standing reputation for customer service and operational excellence and be part of the continuous growth in Antwerp," said Bernt A. Netland, ITC CEO.