The acquisition has increased Vopak Canada's storage capacity by 509,000 cu m to 712,000 cu m at present, strengthening the Dutch company's presence in all strategic distribution market locations in eastern Canada.
The acquired company, known as Canterm Canadian Terminals Inc., was bought over by Vopak through a tender process.
The newly acquired terminals in Montreal and Quebec City have a storage capacity of 339,000 cu m and 170,000 cu m respectively.
Following the completion of an expansion project under construction of 72,000 cu m in Montreal, expected to be commissioned in the first quarter of 2015, the acquired terminals will have a combined storage capacity of 581,000 cu m.
Both ports are located on the banks of the Saint Lawrence river, the main shipping route to and from the Great Lakes.
“Montreal offers the best location for imports of refined products resulting from refinery closures in the region. The Port of Quebec City offers deepwater access,” Vopak said in a statement.
“With the addition of the new terminals on top of the existing Vopak terminals in Hamilton and Montreal, Vopak Canada will have a competitive market offering, and benefit from commercial synergies,” it added.
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