1. U.S. oil and gas export scenario’s: What are the opportunities for Vopak?
Capital Markets Day, 10 December 2013
Dick Richelle, Division President Americas

2. Forward-looking statements
This presentation contains ‘forward-looking statements’, based on currently available plans and forecasts. By
their nature, forward-looking statements involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future, and Vopak cannot guarantee the accuracy
and completeness of forward-looking statements.
These risks and uncertainties include, but are not limited to, factors affecting the realization of ambitions and
financial expectations, developments regarding the potential capital raising, exceptional income and expense
items, operational developments and trading conditions, economic, political and foreign exchange
developments and changes to IFRS reporting rules.
Vopak’s EBITDA ambition does not represent a forecast or any expectation of future results or financial
performance.
Statements of a forward-looking nature issued by the company must always be assessed in the context of the
events, risks and uncertainties of the markets and environments in which Vopak operates. These factors could
lead to actual results being materially different from those expected, and Vopak does not undertake to publicly
update or revise any of these forward-looking statements.
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Capital Markets Day 10 December 2013

3. Dick Richelle
President, Vopak Americas
Name
Dick Richelle
Age
43
Education
Dick holds a doctoral degree Business Economics
from Erasmus University in Rotterdam.
Career
Dick joined Vopak in 1995 and has held various
(general) management positions in Brazil, Mexico and the
Netherlands. He was appointed as President Vopak
North America in 2009.
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Capital Markets Day 10 December 2013

4. Americas
Positive developments at the U.S. Gulf Coast and Venezuela,
with downside in Los Angeles (U.S.) and Brazil
Storage Capacity
In million cbm
U.S. Gulf Coast
U.S. West Coast
U.S. East Coast
Canada
Mexico*
Occupancy rate***
In percent
94.0
90.0
YTD 2012
1.3
YTD 2013
0.4
0.4
0.2
0.3
EBIT****
In EUR million
0.3
Other**
46.5
YTD 2013
0.4
Total
49.5
YTD 2012
Brazil
3.3
* Excluding LNG Altamira (0.3 million cbm); ** Columbia, Venezuela, Ecuador, Peru and Chili; *** Subsidiaries only;
**** Including net result from joint ventures and associates; excluding exceptional items.
Note: Due to the retrospective application of the Revised IAS 19, EBIT for 2012 has been restated.
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Capital Markets Day 10 December 2013
-4%
-6%

5. Contents
Main market developments U.S. Gulf Coast area
Vopak’s position in U.S. Gulf Coast area
Vopak’s opportunities in U.S. Gulf Coast area
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Capital Markets Day 10 December 2013

6. Main market developments
The shale revolution and biofuels developments
Shale gas
Tight oil
 The North American shale revolution
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Capital Markets Day 10 December 2013
Biofuels
 Government mandates
drive biofuels trade

7. The shale revolution
It has strengthened the (export) growth and competitiveness of
the U.S. oil and gas industry
Crude oil production
In Mb/d
6.4
9.9
2012
2020
+55%
Natural gas production
In Tcf
7.5
Current shale plays
Stacked plays
Shallowest / youngest
Intermediate depth / age
Deepest / oldest
* Mixed shale and chalk play
** Mixed shale and limestone play
*** Mixed shale and tight dolostonesiltstone-sandstone play
Prospective shale plays
16.7
+123%
2012
2020
NGL production
In Mb/d
1.6
3.5
+119%
Basins
2012
Source: US Ministry of Energy; ICP International; EIA.
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Capital Markets Day 10 December 2013
2020

8. Natural gas as a cheap feedstock
North America positioned as second lowest-cost producer of
ethylene-intensive chemicals globally
$1550
West
Northeast Europe
Asia
$1400
$1250
$1100
Indian
subcontinent
$ 950
Southeast Asia
$ 800
$ 650
U.S. Ethane
$ 500
$ 350
North America
2012
ethylene
demand
Middle East
$ 200
$
50
0
20
40
60
80
100
120
140
Cumulative ethylene capacity (million metric tons)
Note: Ethylene cash costs, U.S. Dollars per metric ton; 2012 WTI crude oil is US$ 105 per barrel; average feedstock basis.
Source: IHS Chemical.
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Capital Markets Day 10 December 2013
160

9. Natural gas as cheap feedstock
New ethylene capacity and downstream plants are currently
under construction or consideration
Capacity announced
Kt/y
Chocolate Bayou

Ethylene expansion

La Porte

Ethylene expansion

Geismar

Ethylene expansion

Channelview

Ethylene expansion

Corpus Christi
6

Ethylene expansion

Baytown
7

Ethylene cracker

Point Comfort
8

Ethylene cracker

Freeport
9

Ethylene cracker

Cedar Bayou
10

Ethylene cracker

Ingleside
11

Ethylene cracker

Cedar Bayou
4
113 363
6 7 8
1,500
9
10 11
1,500 1,500 1,500
800
Total
Source: Vopak analysis
9

5
363 272
4 5
2016-2020
Ethylene expansion
3
105
2 3
2015

2
2014
Location in
Texas (US)
1
1
2013
Project
Project
operator
Capital Markets Day 10 December 2013
544
8,560

10. Shale gas impact
Potential increasing U.S. Gulf Coast ethylene and LPG exports
Potential ethylene exports and capacity
In millions tons
Potential LPG exports and capacity
In millions tons
25
1.6
20
1.2
15
0.8
10
0.4
5
0
0.0
2012
2014
2016
2018
2020
2012
2014
Export potential
Committed storage capacity
Source: Vopak analysis
10 Capital Markets Day 10 December 2013
2016
2018
2020
2022

11. Tight oil impact
Source and composition of North America crude oil supply is
changing
FSU
United States
Middle East
Africa
Latin America
Key U.S. crude oil
trade flow (2012)
Potential key U.S. crude
oil trade flow (2020)
Source: Wood McKenzie; EIA; Purvin&Gertz
11 Capital Markets Day 10 December 2013
 Expected decreasing
crude oil imports into
U.S. Gulf Coast from
Latin America, Mexico
and Middle East
 Heavy crude oil imports
remain
 Expected increase in
intra-regional trade flows
 It is not allowed to export
crude oil out of the U.S.
(presidential approval)

12. Tight oil impact
Source and composition of North America crude oil supply
impact future US crude oil flows
Canadian Oil Sands
WA
MT
ME
ND
MN
OR
PADD 4:
RockyWY
Mountain
ID
PADD 5:
NV
West Coast
NH
SO
WI
CT
IA
CO
NJ
DC
OH
IN
DE
WV
KY
TH
AZ
OK
AR
NM
PADD 3:
Gulf TX
Coast
U.S. refinery
Forecast U.S. crude
oil trade flow (2020)
Source: US Department of Transportation
12 Capital Markets Day 10 December 2013
VA
PADD 1:
East
NC
Coast
MO
KS
SC
MS
AL
GA
LA
FL
RI
NYC
PA
PADD 2:
IL
Midwest
UT
MA
NY
MI
NE
CA
VT
MD

13. Tight oil impact: Competitive CPP exports
Potential expansion of splitter capacity might stimulate
distillates and naphtha exports
USGC Refined Products Flows
Volume (MMT)
60
Actual 2012
Low Case 2020
High Case 2020
50
40
30
20
10
0
Distillate exports
Source: Vopak analysis
13 Capital Markets Day 10 December 2013
Gasoline exports
Fuel oil exports
Naphtha exports

14. Biofuels impact
A growing commodity going forward, as part of transport fuel
composition
U.S.
400
Europe
 Volumes increased rapidly
600
with obligatory mandates in
Europe and North America
in early 2000s
100
200
0
0
2002 2012 2022
2002 2012 2022
 Composition of declining
gasoline demand in the
U.S. is changing
150
Brazil
 Biofuels are expected to
stay and behave like typical
commodity
50
0
2002 2012 2022
Note: Transport fuel composition in million tons.
Source: Wood Mackenzie; Vopak analysis
14 Capital Markets Day 10 December 2013
Biodiesel
Diesel
Ethanol
Gasoline

15. Contents
Main market developments U.S. Gulf Coast area
Vopak’s position in U.S. Gulf Coast area
Vopak’s opportunities in U.S. Gulf Coast area
15 Capital Markets Day 10 December 2013

16. Vopak position in U.S. Gulf Coast area
Existing presence and expansion opportunities
Galena Park (100%)
 170,032 cbm
 86 tanks; 1 ship dock
 12 truck bays; 11 rail spots
Deer Park (100%)
 1,115,103 cbm
 242 tanks; 5 ship docks
 22 truck bays;
 23 rail spots; 40 car ethanol unit train rack
Potential brownfield project Deer Park (100%)
 3.3 acre waterfront for 1 ship dock
 18.7 acres inland site
Potential greenfield projects (100%)
 108 acre inland site
 23 acre marine site
 Unit train capabilities (up to 120 cars)
 Multiple ship docks (deep water)
16 Capital Markets Day 10 December 2013

17. Competition in U.S. Gulf Coast area
Examples of storage capacity currently under construction
or consideration
Oiltanking Partners
announces $200M in
expansion projects
Kinder Morgan begins
service at BOSTCO Oil
Terminal on Houston
Ship Channel
17 Capital Markets Day 10 December 2013

18. Contents
Main market developments U.S. Gulf Coast area
Vopak’s position in U.S. Gulf Coast area
Vopak’s opportunities in U.S. Gulf Coast area
18 Capital Markets Day 10 December 2013

19. Growth opportunities in U.S. Gulf Coast area
At existing terminals and two additional land plots
(Crude) oil
Existing
terminals
and
brownfield
Chemicals / gasses*
Biofuels
 To a lesser extent
 Potential
 Potential
opportunities,
amongst others
through industrial
pipeline
connections
 Potential
Greenfield
opportunities

opportunities in
both crude oil and
clean petroleum
products
Through pipeline
and unit train
capability
* Excluding LNG.
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 Potential
opportunities for
gasses through
pipeline
connections
opportunities for
ethanol and
biodiesel
 Potential
opportunities for
ethanol through
unit train

20. Critical success factors
Growth opportunities in U.S. Gulf Coast area
1▪ Pipeline connection
3▪ Time to market or first
mover advantage
20 Capital Markets Day 10 December 2013
2▪ Right partner for the
right reason

21. Royal Vopak
Westerlaan 10
Tel: +31 10 4002911
3016 CK Rotterdam
Fax: +31 10 4139829
The Netherlands
www.vopak.com