Vopak's €1 Billion Investment in Energy Transition Strategy
Key Ideas
- Vopak reaffirms commitment to invest €1 billion in low-carbon infrastructure by 2030, focusing on sustainable energy projects like green ammonia and biofuels.
- The company completed its first bio-bunker fuel supply operation in Fujairah, UAE, and is actively investing in ammonia as a hydrogen carrier.
- Vopak is expanding into battery storage to support the changing energy landscape and leveraging its experience in handling hazardous products for carbon capture initiatives.
- While Vopak has only spent a fraction of the committed amount, it emphasizes the completion of energy transition projects closer to 2030, with a focus on India and South Korea for green ammonia and hydrogen exports.
Dutch firm Vopak is doubling down on its energy transition strategy by re-affirming its commitment to invest €1 billion in low-carbon infrastructure by 2030. Initiatives include green ammonia as a hydrogen carrier, expanding value chains, and repurposing existing infrastructure for sustainable feedstocks. Vopak views ammonia as the most efficient hydrogen transport solution and is investing in related projects, emphasizing its benefits in storage and transportation. The company has also ventured into battery storage and carbon capture initiatives to support decarbonization. While Vopak has committed $1 billion to energy transition projects by 2030, only a fraction has been spent as many projects are still in early stages. Ongoing projects include importing ammonia for co-firing with coal in Japan and South Korea, leading importers of green ammonia. Vopak's focus on India and South Korea for green hydrogen and ammonia storage and export highlights its global sustainability efforts.