Vinci Constructions Grand Projects, a subsidiary of Vinci Construction, will design and build a 180,000m² liquefied natural gas (LNG) tank in the Netherlands.
The new tank will be based in the port of Rotterdam and is part of a programme to expand the storage capacity and regasification of the GATE (Gas Access To Europe) port terminal.
The project is expected to cost €160m ($170.77m) and will become operational by the second half of 2026.
“Having built about 15 LNG tanks around the world over the past decade, including one project still under way in the UK and another in Canada, Vinci is renowned for its ability to meet the expectations of major clients in the industry, working in any type of environment,” the company said in a press release.
Rotterdam is the second-largest city in the Netherlands, with a total population in the metropolitan area of 2.3 million. In 2022, the port of Rotterdam has seen a number of investments in energy transition projects totalling €3bn, including in a major biorefinery and Europe’s largest green hydrogen plant.
Vinci is not the only company planning to set up business in the port. In May 2022, Singapore-based battery and electronic waste recycling company TES introduced plans to open a 10,000m² lithium battery recycling plant in the port of Rotterdam, with the option to later expand onto a nearby plot that would increase the total site area fourfold to more than 40,000m².
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Overall, foreign direct investment (FDI) net inflows remain negative in the Netherlands as a result of disinvestment processes. In 2022, the country registered a negative FDI flow of $2.69bn, according to the World Bank.