IMO 2020 is making the oil storage business more complicated. Image Credit: File Image / Pixabay
Global oil storage company Vopak has finalised the sale of its Algeciras facility, the company said Friday.
The company has sold its Algeciras site, as well as terminals in Amstrerdam and Hamburg, to Australia's First State Investments, it said.
The Algeciras terminal has 403,000 cubic meters of oil storage capacity, and is a key storage location for the Mediterranean fuel oil market.
IMO 2020 has brought complications for the oil storage business, with the fragmented nature of the very low sulfur fuel oil market meaning customers now need a higher number of smaller tanks to hold the various blends and blending components separately.