March 6, 2025

Vopak has reached a final investment decision in expanding its global industrial terminal footprint by constructing a 160,000 cubic meter tank infrastructure in Map Ta Phut, Rayong, to support the import of U.S. ethane into Thailand. Vopak's joint venture entity Thai Tank Terminal signed a landmark 15-year contract with PTT Global Chemical Public Company Limited GC, a chemicals company, for the storage and handling of ethane in Thailand. The tank is expected to be completed by 2029.

Ethane will serve as a long term feedstock supply for petrochemical crackers, enhancing cost competitiveness, feedstock security and reinforcing Thailand's leadership position in the global chemical industry. Ethane has a lower carbon footprint compared to conventional feedstocks like naphtha, aligning with GCs commitment to sustainable and responsible operations.

As part of Vopak's investment strategy in Thailand, Vopak plans to allocate approximately $140 million over the next four years related to storage and other infrastructure in the Map Ta Phut region. These investments are not related to any specific project and are expected to provide accretive operating cash return upon commissioning.