Inter Pipeline boosts its European storage capacity with $131-million deal

CALGARY – Inter Pipeline Ltd. (TSX:IPL) says it has purchased four petroleum and petrochemical storage terminals in Sweden for about C$131 million.

The Calgary-based company says the deal will make it the largest independent bulk liquid storage provider in Scandinavia.

They have a combined storage capacity of 7.4 million barrels and increase Inter Pipeline’s total capacity in Europe by about 35 per cent to 27 million barrels.

The terminals are in Gothenburg and Malmo — Sweden’s second- and third-largest cities after Stockholm — and two smaller coastal communities.

Inter Pipeline says it paid 865 million krona in cash to buy the terminals from a subsidiary of Koninklijke Vopak NV.