Saudi-based Zamil Group said it has signed an MoU with Royal Vopak of the Netherlands to set up a joint venture company that aims to develop independent bulk liquid and liquefied natural gas terminal facilities in the Mena region.

Vopak is one of the world’s largest independent tank terminal operators specialising in the storage and handling of liquid and gaseous chemical and oil products.

The new company will provide tank storage services to the oil and chemical majors, trading companies and natural gas suppliers, said the two companies after the signing ceremony.

This is a further step in both companies’ growth strategy in this important and rapidly
expanding market, said a top Zamil official.

'The Mena area is one of the world’s foremost locations for oil and petrochemicals. The next stage of the region’s development will be the large scale manufacture and distribution of intermediate and specialty chemicals and high quality oil products,' said Ahmed Khan, general manager of Zamil Group Holding.

The production of these value added goods is expected to generate new growth in the industrial base of the Middle East, he added.

Vopak and Zamil Group said developing world class independent bulk liquid storage terminals at strategic locations would be a significant contributing factor in providing the high quality logistic services required for the region’s continuing development.

Zamil group is a global investment and manufacturing group with diverse interests and capabilities in over 60 countries ranging from air conditioning, structural, steel
production, port operations and services, petrochemical & plastics production and ship building.

A pioneer and leader within the business community in Saudi Arabia, Zamil employs some 12,000 people worldwide.-TradeArabia News Service