14 November 2005

Today’s signature of a Letter of Intent by Vopak and the Verwater - Visser & Smit Hanab construction consortium marks the kick-off of a million-euro investment in Vopak's Rotterdam oil terminals. This investment is part of a comprehensive investment programme focused on the jet-fuel and fuel-oil market segments. Vopak plans to invest a total of 55 million euros.

This comprehensive investment programme encompasses:

- the conversion of 105,000 cbm capacity for the storage of jet fuel
- the construction of 120,000 cbm capacity for the storage of jet fuel
- the construction of 240,000 cbm capacity for the storage of fuel oil
- the construction of a new finger pier with four berths in collaboration with the Port of Rotterdam

Construction work will begin in a few weeks, and the new capacity will become available in a number of phases from the second quarter of 2006.

Rob Nijst, President of Vopak Oil Europe, Africa and Middle East, explains: "This million-euro investment is intended to make Rotterdam North-West Europe’s hub for the growing jet-fuel market. Pursuant to this objective, in June of this year we concluded an important contract with Q8 for an initial volume of 1 million tonnes per annum. In addition, our investment will further reinforce our already powerful position as North-West Europe’s fuel-oil hub."