Vopak BESS drives 200 MW project in the Netherlands. Vopak BESS consolidates Royal Vopak's entry into energy storage with a 200 MW system designed to reinforce the Dutch electrical grid. Vopak BESS marks a new step in Royal Vopak's strategy following the acquisition of 79% of Green Energy Storage (GES) and the approval of the final investment decision to develop a 200 MW and 800 MWh battery energy storage system in Oosterhout, the Netherlands. The total investment - which includes the acquisition of GES and the development of the project - amounts to EUR 230 million, consolidating the group as one of the leading large-scale energy storage infrastructure operators in Europe. The system has a capacity of 200 MW / 800 MWh (4-hour discharge) and is connected to the Dutch high-voltage grid. The energy retailer Greenchoice will contract 50% of the capacity under an 8-year tolling agreement. Construction is scheduled to begin in the coming weeks, with commercial operation expected in the first half of 2028. Vopak BESS strengthens the Dutch electrical grid. The Oosterhout project is positioned as one of the largest battery energy storage systems currently under development in the Netherlands. With 200 MW of power and 800 MWh of energy capacity, the system will operate as a grid balancing asset: it absorbs electricity during periods of high renewable generation - when supply exceeds demand - and returns it to the grid during peak consumption periods, reducing congestion at transmission nodes. It may interest you The agreement with grid operator TenneT, previously secured by GES, includes a flexible connection contract called time-bound transmission right (TDTR) and a capacity steering contract (CSC), an unprecedented scheme in the Dutch electricity market that grants the BESS a formal role in the active management of grid congestion. This type of contract is a relevant precedent for the development of storage projects in Europe, where transmission grid congestion is one of the main bottlenecks for renewable integration. Integrity and reliability in large-scale BESS systems. From the asset integrity perspective, large-scale BESS systems present specific technical challenges that must be addressed from the basic engineering phase of the project. Thermal management of lithium-ion battery modules - the predominant technology in projects of this scale - is critical: temperature control within narrow ranges is determinant for both cell lifespan and operational safety of the system. Sustained temperature deviations can accelerate capacity degradation and, in extreme cases, trigger thermal runaway events. For a 200 MW / 800 MWh system operating in grid balancing mode - with multiple daily charge and discharge cycles - the predictive maintenance program and continuous monitoring of electrochemical parameters (state of charge, state of health, internal cell resistance) are non-negotiable conditions to ensure the operational reliability committed to TenneT and Greenchoice throughout the 8-year contract. Fire safety in BESS installations of this magnitude requires early gas detection systems, active suppression, and emergency response protocols adapted to the electrochemical nature of the risk, which differ significantly from protocols applied in hydrocarbon facilities or conventional generation plants. Vopak accelerates its energy transformation. Royal Vopak is historically one of the world's leading operators of storage terminals for oil, chemicals, and liquefied gases. The investment in the Oosterhout BESS project marks a visible acceleration in its conversion toward energy transition infrastructure. The company already operates green ammonia terminals and is exploring hydrogen storage as an energy vector, but the BESS represents its first large-scale electrical storage asset. The structure of the transaction with GES is relevant: Vopak acquired 79% of the company on July 1, 2026, and has agreed to purchase the remaining 21% within two years following closing, which implies full consolidation expected before 2028. Since closing, GES is fully consolidated in Vopak's financial statements, transforming the group into a direct player in the Dutch energy storage market. For the European energy storage market, the entry of an operator of Vopak's scale and reputation - with over 400 years of history in critical infrastructure management - brings financial credibility and operational capacity to a segment that until now has been dominated by smaller specialized developers. The combination of Vopak's experience in energy infrastructure with GES's technical knowledge in BESS creates a business model that could be replicated in other European markets with similar grid congestion. Storage drives the European energy transition. The Netherlands faces one of the most acute electrical grid congestion situations in Europe. The accelerated growth of solar and wind generation - driven by ambitious decarbonization targets - has saturated available transmission capacity in multiple zones, creating bottlenecks that delay the connection of new industrial and renewable installations. TenneT, the high-voltage grid operator, has implemented congestion management mechanisms that the Oosterhout project will leverage directly through the TDTR agreement. For already installed renewable power generation, the availability of storage assets such as Vopak's BESS is a condition for maximizing the effective capacity factor: without storage, periods of excess generation are lost or exported at negative prices, eroding project profitability. With integrated storage, those surpluses are captured and reintroduced to the market at times of higher value, improving returns for the system as a whole. Verified Author Mechanical Engineer with more than 30 years of experience in inspection and management. Currently, he is Director of Operations at INSPENET.

Bulk liquid storage is shifting from capacity to capability. July 2, 2026 Edmund Lam Liquid bulk storage operators are entering a more selective growth cycle. Demand remains resilient across fuels, chemicals, liquefied petroleum gas (LPG), natural gas liquids (NGLs), biofuels, ammonia, and methanol. Increasingly, value is shifting toward terminals that can handle a broader range of products, connect to major trade routes, and generate higher returns from existing assets. Here are five trends shaping the future of the liquid bulk storage industry (see Exhibit 1): Exhibit 1: Key trends shaping the liquid bulk storage industry 1) Demand is moving beyond traditional fuel storage. Refined products remain the industry's foundation, but growth is increasingly concentrated in products requiring specialized infrastructure. Chemicals, LPG, NGLs, biofuels, renewable feedstocks, ammonia, and methanol each require different tank designs, coatings, heating systems, vapor management, material compatibility, and safety procedures. Recent investments reflect this shift. For instance, Royal Vopak is investing ~$82 million to add 272,000 cubic meters of biofuel storage in Malaysia while developing ammonia import infrastructure in Europe and Japan. Aegis Vopak Terminals has expanded LPG capacity 4.5 times since 2021 to 225,800 metric tons and is constructing India's first independent cryogenic ammonia terminal. KN Energies is expanding infrastructure for used cooking oil (UCO), sustainable aviation fuel (SAF), and methanol transshipment. Many of these developments build on themes previously discussed by ADI's analyst Edmund Lam in an article published in Tank Storage Magazine (Winter 2025/26 edition), which examined how the growing adoption of alternative fuels is driving new storage infrastructure requirements and reshaping terminal investment decisions. The acquisition of LBC Tank Terminals by Mitsui O.S.K. Lines further illustrates where value is moving. LBC operates nearly 3 million cubic meters of storage across the U.S. Gulf Coast and ARA, with more than 70% of its revenue generated from chemicals and average utilization exceeding 90%. Product flexibility is becoming a greater source of value than fuel storage capacity alone. Operators must increasingly determine which molecules justify tank conversions, infrastructure upgrades, and long-term commercial commitments. As shown in Exhibit 2, products requiring more specialized storage infrastructure generally offer greater opportunities for value creation. Exhibit 2: Relative market attractiveness of liquid bulk storage products 2) Location and connectivity are driving utilization and pricing. Storage assets generate the highest returns when positioned within major trade corridors. Hubs such as Amsterdam-Rotterdam-Antwerp (ARA), Singapore, and Fujairah combine marine access, industrial demand, trading activity, pipelines, and logistics infrastructure, consistently achieving utilization above 90%. Fujairah alone supports ~11 million cubic meters of independent storage capacity. The same trend is evident in North American export infrastructure. Energy Transfer's Nederland terminal provides more than 30 million barrels of crude storage with direct connectivity to Mont Belvieu. Its Flexport expansion added up to 250,000 barrels per day (bpd) of NGL export capacity, supported by long-term customer commitments extending into the 2040s. Marcus Hook complements this with 400,000 bpd of NGL export capacity and approximately 6 million barrels of storage. Connectivity itself has become an investment theme. AltaGas and Vopak are developing the Ridley Island Energy Export Facility (REEF), adding 56,000 bpd of export capacity in Western Canada. Keyera, AltaGas, and CN are building the ACE Rail Terminal to connect Alberta NGL production with West Coast export terminals, while Adani Ports continues expanding liquid bulk infrastructure around India's industrial and maritime hubs. The value proposition now extends beyond storage. Operators are building integrated logistics systems that combine tanks, docks, pipelines, rail, and export infrastructure. 3) Brownfield expansion is becoming the preferred growth strategy for terminal operators and infrastructure investors. Greenfield terminals face longer permitting timelines, higher construction costs, and greater commercial risk. Industry participants increasingly cite six- to seven-year development timelines for major greenfield projects, while brownfield and modular expansions can often be completed within three to five years. Refinery-to-terminal conversions illustrate the economics. Channel Infrastructure's conversion in New Zealand required ~$57 million while preserving existing tanks, docks, and pipeline connectivity. The project also reduced operating costs and released hundreds of millions of dollars in refinery working capital. Royal Vopak is repurposing capacity for pyrolysis oils, vegetable oils, biofuels, and other higher-value products, with a long-term objective of converting 30%-40% of its global oil hub capacity. LBC Tank Terminals is expanding at Rotterdam, Houston, and Lillo, while Petrobras and other operators are prioritizing expansions of existing facilities over new developments. Capital allocation is becoming increasingly focused on identifying existing assets that can support future demand with the lowest capital and permitting risk. 4) Margin growth is coming from services, product mix, and operational excellence. While storage fees provide stable revenue, margin expansion increasingly comes from product mix, ancillary services, commercial structures, and operational performance. Long-term contracts remain the foundation. Approximately 80% of Vopak's revenue is protected by take-or-pay agreements, with nearly 90% of its industrial storage contracts extending beyond 10 years. Kinder Morgan reports that roughly 70% of its liquids terminal contracts follow similar structures. Ancillary services provide additional revenue streams. Brooge Energy generates more than 40% of terminal revenue from blending, heating, and transfer services. Aegis Vopak expects average liquid storage tariffs to increase from $25 to $28 per cubic meter as chemicals become a larger share of its portfolio. At many chemical terminals, storage accounts for roughly 70%-75% of revenue, with the balance generated from heating, blending, loading, and related services. Operational improvements are becoming equally important. ONEOK expects the Magellan acquisition to reduce butane logistics costs from ~$0.20 to $0.10 per gallon across more than 50 blending locations. Enterprise Products has invested in vapor recovery systems that capture hydrocarbons otherwise lost during loading, while many operators are deploying automation, predictive maintenance, and digital twins to increase throughput and reduce downtime. For many operators, the greatest margin opportunities now come from improving existing assets rather than adding new capacity. 5) Integrated players are using terminals as strategic control points. Storage assets are increasingly becoming part of broader logistics and trading networks. Enterprise Products Partners continues expanding infrastructure integrated with its pipeline, fractionation, and storage network. Kinder Morgan operates 136 liquids and bulk terminals with ~135 million barrels of storage, while Navigator Holdings and Enterprise jointly operate the Morgan's Point ethylene export terminal, linking storage, shipping, and export demand. Commodity traders are following similar strategies. Through Puma Energy, Trafigura controls ~ 60 storage terminals with 3.1 million cubic meters of capacity and has invested in export infrastructure in Argentina to strengthen regional crude flows. Vitol continues expanding its LNG and terminal portfolio, including participation in the Delfin LNG project. Joint ventures are also becoming more common. The REEF partnership between Vopak and AltaGas is supported by long-term take-or-pay agreements, including a 15-year contract with Keyera. These integrated models give operators greater control over logistics, exports, and trading optionality. Independent terminal operators increasingly need differentiated assets, advantaged locations, or specialized capabilities to remain competitive. Outlook. The liquid bulk storage industry is becoming more specialized, better connected, and increasingly operationally sophisticated. The strongest operators are repurposing tanks for higher-value products, strengthening connectivity to major trade flows, expanding ancillary services, and securing long-term contracts for products requiring more complex handling. Capacity remains important, but the greater challenge is identifying which assets will remain competitive as products, trade flows, and customer requirements continue to evolve. - Uday Turaga and Edmund Lam

Vopak completes acquisition of majority stake in Green Energy Storage (GES) and takes final investment decision on 200 MW/ 800 MWh battery storage project in the Netherlands. Vopak completes acquisition of majority stake in Green Energy Storage (GES) and takes final investment decision on 200 MW/ 800 MWh battery storage project in the Netherlands Rotterdam / Breda, the Netherlands - 2 July 2026 Royal Vopak has completed the acquisition of a majority stake in Green Energy Storage (GES) and has taken a final investment decision (FID) on the 200 MW / 800 MWh battery energy storage project in Oosterhout, the Netherlands. Vopak's total investment in the GES acquisition and the 200 MW / 800 MWh project amounts to around EUR 230 million. The transaction follows the agreement in principle announced on 7 May 2026. This investment is part of Vopak's strategy to invest in energy transition infrastructure, in line with its disciplined approach to capital allocation and return requirements of the portfolio. Commercially, it combines stable contracted revenues alongside exposure to market upside. As electricity demand continues to grow and renewable energy generation increases, battery energy storage plays a critical role in delivering reliable electricity while balancing the electricity grid, increasing system flexibility and reducing grid congestion. Through GES, Vopak acquires a proven development platform, a pipeline of projects, and an asset management platform. Vopak's infrastructure experience, financial strength and commercial capabilities complement these to build a strong battery storage position across the portfolio. The Oosterhout project has a capacity of 200 MW / 800 MWh (4 hours) and is among the largest battery energy storage projects currently under development in the Netherlands. Connected to the high voltage grid, the project is designed to help balance the Dutch electricity grid and reduce grid congestion. Greenchoice will be the offtaker for 50% of the capacity based on an 8 year tolling agreement. Construction will start shortly and the commercial operations are expected to start in the first half of 2028. "Completing this acquisition and taking the investment decision on the Oosterhout project moves us from intention to delivery. Together with the GES team, we are building one of the leading battery storage platforms in the Netherlands and supporting a reliable and sustainable energy system." said Maarten Smeets, Executive Vice President Global Business Development at Vopak. "Today's milestone reflects years of work by the GES team in developing a high-quality battery storage platform. With Vopak, we can now realize the 200 MW / 800 MWh while accelerating the development of the rest of our pipeline. Together, we are creating the flexibility needed for a secure, reliable and resilient Dutch electricity system." said Guus Bengsch, CEO GES. "Battery energy storage is becoming an essential building block of tomorrow's energy system. We are proud to continue our collaboration with GES and Vopak. This project marks an important milestone and enables us to contribute to greater flexibility in the Dutch electricity system while helping reduce grid congestion." said Erik van Engelen, CEO of Greenchoice. As of 1 July 2026, Vopak holds a 79% controlling stake in GES and has agreed terms to acquire the remaining 21% of the shares within two years after closing. Therefore, GES will be fully consolidated on Vopak's financial accounts from 1 July 2026 onwards. About Royal Vopak Royal Vopak helps the world flow forward. At ports around the world, Vopak Horizon Fujairah Ltd. provide storage and infrastructure solutions for vital products that enrich everyday life. These products include liquids and gases that provide energy for homes and businesses, chemicals for manufacturing products, and edible oils for cooking. For all of these, its worldwide network of terminals supports the global flow of supply and demand. For more than 400 years, Royal Vopak has been at the forefront of fundamental transformations. With a focus on safety, reliability, and efficiency, Vopak Horizon Fujairah Ltd. create new connections and opportunities that drive progress. Now more than ever, Vopak Horizon Fujairah Ltd. is supporting the world's evolving needs. Together with its partners and customers, Vopak Horizon Fujairah Ltd. is investing in gas, industrial and energy transition infrastructure - paving the way to a more sustainable future. Vopak is listed on Euronext Amsterdam and is headquartered in Rotterdam, the Netherlands. For more information, please visit www.vopak.com About Green Energy Storage (GES) Green Energy Storage develops, builds and operates large-scale battery energy storage systems in the Netherlands. The company manages the full project lifecycle, from site identification and permitting to financing, realization and operational management. Through its growing project pipeline, GES actively contributes to grid balancing and congestion mitigation. About Greenchoice Greenchoice is a Dutch energy company that supplies 100% green electricity and natural gas with 'Nature for Tomorrow' to households and businesses across the Netherlands. In addition, Vopak Horizon Fujairah Ltd. develop solutions that help customers better align their energy generation and consumption with the rhythm of the sun and wind. Thus, supporting customers in an energy system where electricity supply and demand are increasingly aligned. For more information: www.greenchoice.nl For more information please contact Vopak Press: Liesbeth Lans - Manager External Communication, e-mail: [email protected] Vopak Analysts and Investors: Fatjona Topciu - Head of Investor Relations, e-mail: [email protected] Green Energy Storage: Tiffany Abati (Marketing Manager GES) - [email protected] - mobile: +316-16037520