Chemtrade to Expand Rotterdam Terminal
Long term Agreement with Customer, Bayer MaterialScience AG
Chemtrade Logistics Income Fund announced that its wholly-owned international subsidiary, BCT Chemtrade Corporation, has substantially enhanced its long term business relationship with Bayer MaterialScience AG of Leverkusen, Germany. BCT Chemtrade and Bayer have entered into a long term agreement for the storage of caustic soda at BCT Chemtrade's Rotterdam Terminal, which will be expanded to handle increased throughput. Charges include a fixed fee for the terminal services provided and additional fees if the throughput exceeds the contracted amount.
Chemtrade has agreed to expand its existing terminal facility at a cost of approximately EUR 3.5 million, increasing total storage capacity to 100,000 tonnes. In addition, Chemtrade has agreed to build an additional jetty for the loading and unloading of seagoing vessels and barges, thereby improving its ability to optimize the use of its facilities. The jetty expansion which is expected to cost approximately EUR 2.9 million will be financed by the Port of Rotterdam. Construction is expected to begin in the fall of 2007 and be completed by June 2008.
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