UPDATE 3-Vopak raises profit outlook after robust H1

* H1 adjusted EBIT 184 million euros

* Sees 2009 adjusted EBITDA of around 495 million euros

* Shares up 1.2 percent

(Adds analyst, executive comment)

By Catherine Hornby

AMSTERDAM, Aug 28 (Reuters) - Dutch oil and chemicals storage company Royal Vopak (VOPA.AS) raised its core profit outlook for 2009 after strong demand and capacity expansion drove first-half profit growth.

The revised outlook assumed a 95 capacity utilisation rate for the rest of the year, finance director Jack de Kreij said in an interview on Friday.

Vopak, which stores and handles liquid and gaseous chemical and oil products, now expects 2009 earnings before interest, tax, depreciation and amortisation (EBITDA), excluding exceptionals, of about 495 million euros ($711 million), up from at least 450 million.

"Given our encouraging results so far and Vopak's growth prospects for the rest of the year we have raised our 2009 outlook," Chief Executive John Paul Broeders said.

Its shares, which had risen about 70 percent since the start of the year, were up 1.2 percent at 46.03 euros by 1120 GMT, while the Amsterdam midcap index .AMX was up 1.4 percent.

"The guidance lift is comforting," said Thijs Berkelder, analyst at Petercam. "The quicker than expected stabilisation of the global economy is limiting the operational risks for Vopak chemical operations."

Vopak's first-half earnings before interest and tax (EBIT) excluding exceptional items rose to 184 million euros, in line with a 183 million forecast.

Robust demand for its storage services, especially in the oil business, helped boost profit, while decreases in chemicals throughput had started to stabilise, Vopak said.

But the company added that it was too early to talk of a structural recovery in the chemicals market.

Projects under construction are set to add 2.8 million cubic metres of storage capacity up to 2011.

Vopak will expand capacity in Rotterdam as well as in China, which is set to be a focus of expansion in coming years along with the Middle East, De Kreij said.

On the outlook for biofuels, De Kreij said while this was still a stable product sector he was no longer expecting flows to grow as much as previously forecast due to waning support for crop-based biodiesel and bioethanol.

"We have seen some changes in (government) regulation, as a result of which the originally expected steep growth in using the products has calmed down," De Kreij said. (Editing by Will Waterman and Dan Lalor) ($1 = 0.6964 euro)