The HES Hartel Tank Terminal on the Maasvlakte has already gone bankrupt before a drop of oil has flowed into it. The 54 giant storage tanks costing hundreds of millions of euros were never put into operation. A fire at the control station led to successive delays and finally bankruptcy.
Suspension of payment tank terminal HES converted into bankruptcy
Economics is an unpredictable science. In these times of constantly looming energy scarcity, you would think that a company that would operate 54 storage tanks for oil products and biofuels at the largest Western European port would have no difficulty in finding customers. Reality is more stubborn. The Rotterdam-based HES International announced yesterday that the previously granted suspension of payments for daughter Hartel Tank Terminal bv has been converted into bankruptcy by the court.
BP largest customer tank terminal HES
The storage tanks, which have been under construction since 2017, are located in the Maasvlakte on an elongated site of 27 hectares. The quay offers space (and especially depth!) for ships with a draft of up to 25 metres. The 54 tanks can store 1.3 million cubic meters of oil and biofuels, which can be further transported via the nearby inland port and an underground pipeline. The British oil group BP was roped in as the largest customer.
The trustee thinks he can sell the bankrupt Rotterdam tank terminal quickly
The plan was to start using the terminals in 2019, but construction was delayed due to the corona measures. In August last year, a fire broke out in a control station, which caused further delays. Because BP no longer considered itself bound to fulfill the agreements, financial problems arose. Curator Carl Hamm was unable to bring the parties together. Although the receivables run into the hundreds of millions, he expects to be able to sell the terminals to other interested parties in the foreseeable future.