Inter Pipeline boosts European storage capacity with $131M deal

CALGARY — Inter Pipeline Ltd. 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% 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.

© 2015 The Canadian Press