What Tepsa does

Tepsa is a European independent operator of bulk liquid storage terminals, providing safe and sustainable storage infrastructure for chemicals, biofuels, fuels, fertilizers, and industrial gases. The company operates 15 terminals with more than 4 million cubic meters of capacity across France, the Netherlands, Belgium, and Spain, with strategic positioning in the ARA (Amsterdam-Rotterdam-Antwerp) region and key French Atlantic, Rhine, and Mediterranean corridors. Core technical assets include multimodal connectivity (rail, pipeline, road, maritime), zero-emission terminal operations in Antwerp and Rotterdam with modern vapor treatment systems, and QHSE management systems certified under Seveso, ISPS, ISCC, OEA, and ISO 9001/14001 frameworks. Founded in 1877 and headquartered in Paris, Tepsa traces its origins to bitumen delivery operations and has evolved through a series of acquisitions, including the 2013 Petroplus Raffinage Reichstett takeover, the 2020 acquisition of Spanish operator TEPSA (Terminales Portuarias S.L.), and the July 2025 acquisition of GES Rotterdam B.V.

Tepsa generates revenue through long-term contractual storage agreements with industrial enterprise clients (chemicals, biofuel producers, fuel traders, agrifood companies) and through transaction-based terminal operations, maritime logistics, and multimodal transport facilitation services. The business model is B2B sales-led, with direct commercial relationships managed by regional managing directors in France, the Netherlands (Rotterdam), and Iberia, and includes a customer portal for Dutch operations. Revenue is predominantly recurring, with over 70% derived from chemicals, biofuels, agrifood, and strategic storage, supplemented by a smaller share from fuels, petroleum distribution, and emerging energy transition verticals (battery manufacturing, SAF, hydrogen derivatives, CCUS, LNG). The company serves government counterparties as well, notably SAGESS for French strategic petroleum reserves management.

Since October 2024, Tepsa has been wholly owned by I Squared Capital, a global infrastructure investment manager with over $45B in AUM, following I Squared's staged acquisition of 45% (2020) and then the remaining 55% from Rubis SCA. The company was rebranded from Rubis Terminal to Tepsa in 2024 to reflect its repositioning around sustainable storage and the energy transition. The platform is actively building forward into next-generation energy logistics (hydrogen, CCUS, SAF, LNG) through the Elengy satellite LNG station MOU at Reichstett, the Madoqua Green Fuels Corridor partnership, the Sojitz/Reganosa H2Pole collaboration, and the Dunkerque brownfield development for battery and energy transition industries, signaling a deliberate strategic pivot from legacy petroleum storage toward a multi-vertical energy transition infrastructure platform.

Name

Tepsa

Legal name

Tepsa Infra - Société par actions simplifiée

Website

https://tepsa.com

Company type

Private

Founded year

1877

Operating status

Operating

Short description

Tepsa is a European independent bulk liquid storage terminal operator with 4+ million cubic meters of capacity across 15 sites in France, the Netherlands, Belgium, and Spain. It serves chemical, biofuel, fuel, agrifood, and energy transition clients through long-term B2B storage contracts and multimodal logistics services, and is wholly owned by I Squared Capital.

Ownership category

akta.pro rank

Product category

Bulk Liquid Storage Terminals

NAICS

Petroleum Bulk Stations and Terminals (424710), Pipeline Transportation of Refined Petroleum Products (486910)

SIC

Wholesale-Petroleum Bulk Stations & Terminals (5171)

akta.pro primary industry

Liquid Bulk Chemical & Petrochemical Terminals (Base Chemicals, Solvents) (TLAHABAI)

akta.pro secondary industries

Liquid Bulk Petroleum Terminals (Crude, Refined Products) (TLAHABAH), Marine/Port-Connected Pipeline Terminals (Dock/Jetty Tank Farms) (TLAGAKAL), LPG / NGL Terminals (Pressurized/ Refrigerated Gas) (TLAHABAK), Bulk Terminal Services & Operations (Stevedoring, Sampling, Weighing, Blending) (TLAHABAO)

Keywords

• Liquid bulk storage
• Tank terminals
• Chemical storage
• Biofuel storage
• Industrial terminals

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices14 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Liquid Bulk Storage Services: Core revenue from providing storage capacity for liquid bulk products including chemicals, biofuels, fuels, fertilizers, and strategic reserves. Long-term contractual arrangements with industrial clients. Revenue generation through storage capacity rental and handling fees.
2. Terminal Operations and Logistics: Maritime logistics services, multimodal transport facilitation, and terminaling operations for bulk liquid products at strategic European ports.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Tepsa operates a network of 15 bulk liquid storage terminals across Western Europe (France, Netherlands, Belgium, and Spain) with more than 4 million cubic meters of capacity, providing storage and handling services for chemicals, biofuels, fuels, fertilizers, agrifood products, and industrial gases. Terminals offer multimodal connectivity via rail, pipeline, road, and maritime access, with zero-emission operations at key sites and certified QHSE management systems for hazardous and strategic products.

Differentiator

Problem solved

Functional benefit

Products and services

• Liquid Bulk Storage Services Long-term and short-term storage of liquid bulk products including industrial chemicals, fertilizers, biofuels, fuels, and strategic reserves at 15 terminals in Western Europe. Serves chemical producers, biofuel distributors, fuel traders, and government reserve agencies under multi-year capacity rental contracts.
• Multimodal Terminal Operations and Logistics Maritime, rail, pipeline, and road handling and logistics services at port-based terminals for receipt, storage, and dispatch of liquid bulk cargoes. Targets industrial and trading clients requiring flexible transport connections at European ports.
• Strategic Petroleum Reserves Storage Long-term storage and management of strategic petroleum product reserves under agreement with public agencies (e.g., SAGESS in France). Provides secure, audited capacity for national energy security stockpiles.
• LNG Satellite Storage Station (Reichstett) Planned satellite LNG storage station on the Reichstett terminal site in Alsace, developed in partnership with Elengy, designed to handle 85,000 tonnes of LNG annually with rail-fed supply. Serves industrial and transport customers in Western and Central Europe.
• Dunkerque Energy Transition Storage Terminal Planned new-build terminal of 145,000 m³ capacity on the former SRD refinery brownfield site in Dunkirk, dedicated to battery manufacturing and recycling value chain products, European chemicals, and energy transition industries. Awarded via Grand Port Maritime de Dunkerque EOI.
• Tarragona Port Storage Expansion (Phase 2) Second-phase capacity addition of approximately 14,000 m³ at the Port of Tarragona terminal on the Moll de la Química berths (15.1 m draft), expanding existing 71,450 m³ storage footprint to serve chemical and bulk liquid customers in the Mediterranean.

Quantifiable outcome

• Over 70% of revenues from chemicals, biofuels, agrifood and strategic storage
• +4 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Six partnerships are on record, tiered core.

• Technip EnergiescoreStrategic or Co-development Partner · 21 January 2026Complementary projects selected by Grand Port Maritime de Dunkerque. Tepsa will provide maritime logistics services for Technip Energies' adjacent sustainable aviation fuel (SAF) production project from second-generation ethanol.
• Madoqua Renewables HoldingcoreStrategic or Co-development Partner · 27 March 2025Collaboration on Green Fuels Corridor connecting Portugal to Germany and Netherlands. MOU signed December 9. Tepsa serves as terminaling partner for green hydrogen derivatives and CCUS technologies. Project backed by Portuguese government with EU subsidies.
• Sojitz CorporationcoreStrategic or Co-development Partner · 9 December 2024Joint feasibility study for green hydrogen supply chain connecting Galicia to Northwest Europe. Sojitz, Reganosa, and Rubis Terminal collaboration. Second phase aims to export green hydrogen or derivatives to ARA region.
• Reganosa Asset InvestmentscoreStrategic or Co-development Partner · 3 October 2022Partnership for H2Pole project - first regional hydrogen project labeled Strategic Industrial Project. Green hydrogen production facility in Galicia, Northwest Spain. Initial phase operational 2025 targeting regional customers, second phase for export to Northwest Europe.
• ElengycoreStrategic or Co-development PartnerPartnership to develop LNG satellite storage station at Reichstett terminal in Alsace. Elengy and Rubis Terminal signed MOU for preliminary studies. Site will handle 85,000 tonnes of LNG annually, serving Western and Central Europe industrial and transport sectors. Railway supply from Elengy terminals.
• Grand Port Maritime de DunkerquecoreStrategic or Co-development PartnerPort authority partnership for development of 145,000 m³ storage terminal on former SRD refinery brownfield site. Project dedicated to battery manufacturing, recycling value chain, European chemicals, and energy transition industries.

Scale indicators15 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Royal Vopak: The world's largest independent tank storage operator with ~30 million m³ of capacity globally, including major ARA region terminals. Directly comparable to Tepsa as an independent liquid bulk storage operator serving chemicals, fuels, and increasingly energy-transition products.
• HES International (Evos): European-based independent liquid bulk storage operator (operating as Evos) with major terminals in ARA, Mediterranean, and Germany. Directly comparable to Tepsa in independent tank storage for chemicals, petroleum products, and biofuels.
• VTTI (Vitol Tank Terminals International): Global independent tank storage company with significant European presence (including ARA terminals), offering ~9 million m³ of capacity. Directly comparable to Tepsa in liquid bulk storage for chemicals, petroleum products, and emerging energy products.
• Advario (formerly HES International chemicals): Independent chemicals and gas storage terminal operator spun off from HES International, with terminals across Northwest Europe including ARA. Directly comparable to Tepsa in chemicals-focused liquid bulk storage.
• LBC Tank Terminals: Independent global tank terminal operator with significant European presence including ARA region. Comparable to Tepsa as a privately-held (Penta-Ocean-owned) liquid bulk storage operator serving chemicals and petroleum products.
• Noord Natie Vopak Terminals: Joint venture operating the Noord Natie terminals in the Port of Antwerp, providing liquid bulk storage in the heart of the ARA region. Direct ARA competitor to Tepsa's Antwerp operations.
• Oiltanking: Part of Marquard & Bahls, operating one of the world's largest independent tank storage networks with major European terminals. Directly comparable to Tepsa in liquid bulk storage for petroleum, chemicals, and gases, including significant ARA presence.
• Inter Terminals (Inter Pipeline): European bulk liquid storage operator acquired by Inter Pipeline with terminals across Northwest Europe. Comparable to Tepsa in independent tank storage of chemicals and petroleum products across European geographies.

Broad incumbents

• DHL Global Forwarding (Chemicals Logistics): Global logistics giant with chemical logistics services including storage and handling. Larger and broader than Tepsa, but operates in adjacent liquid bulk handling and storage space for chemical customers.

Emerging players

• Zenith Energy: Independent bulk liquids storage operator with terminals primarily in the UK and Europe. Smaller and more geographically concentrated than Tepsa but comparable in liquid bulk storage services.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/rubis-terminal

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tepsa