A vapor recovery system for recovering volatile liquid vapor produced when loading a volatile liquid product into a storage tank from a supply tank, said vapor recovery system comprising: a product handling circuit including a supply tank, a storage tank and a reaction vessel holding a bed of adsorbent; wherein the reaction vessel includes a lead line and the product handling circuit further includes: (a) a vent line extending from said reaction vessel to said supply tank, (b) a vapor line extending from said lead line to a ullage in said storage tank above a level of volatile liquid product held in said storage tank, and (c) a volatile liquid product load line extending between said supply tank and said storage tank: characterised in that: the product handling circuit further includes: (d) a return line extending from said lead line to a position immersed in said volatile liquid product held in said storage tank; and the vapor recovery system further comprises a control circuit including: a vapor management unit and a controller that controls the vapor management unit to maintain a negative pressure in said product handling circuit in order to prevent undesirable fugitive vapor emissions during a first mode of operation in which said volatile liquid product is being loaded into said storage tank from said supply tank and said volatile liquid vapor being produced is captured by said bed of adsorbent; and a first flow control valve in said vent line, a second flow control valve in said vapor line, a third flow control valve and a vacuum pump in said return line and a pressure sensor to sense pressure in said product handling circuit and provide feedback to said controller wherein said pressure sensor senses pressure in said vapor line between said second flow control valve and said storage tank, wherein said vapor management unit is connected between: (a) said vent line between said first flow control valve and said supply tank, and (b) said vapor line between said second flow control valve and said storage tank, wherein said vapor management unit includes a Stage I return relief valve set at a first pressure P 1, a first atmospheric relief valve set at a second pressure P 2 and a second atmospheric relief valve set at a third pressure P 3 where P 3 < P 1 < P 2. (a) a vent line extending from said reaction vessel to said supply tank, (b) a vapor line extending from said lead line to a ullage in said storage tank above a level of volatile liquid product held in said storage tank, and (c) a volatile liquid product load line extending between said supply tank and said storage tank: the product handling circuit further includes: (d) a return line extending from said lead line to a position immersed in said volatile liquid product held in said storage tank; and the vapor recovery system further comprises a control circuit including: a vapor management unit and a controller that controls the vapor management unit to maintain a negative pressure in said product handling circuit in order to prevent undesirable fugitive vapor emissions during a first mode of operation in which said volatile liquid product is being loaded into said storage tank from said supply tank and said volatile liquid vapor being produced is captured by said bed of adsorbent; and a first flow control valve in said vent line, a second flow control valve in said vapor line, a third flow control valve and a vacuum pump in said return line and a pressure sensor to sense pressure in said product handling circuit and provide feedback to said controller wherein said pressure sensor senses pressure in said vapor line between said second flow control valve and said storage tank, a vapor management unit and a controller that controls the vapor management unit to maintain a negative pressure in said product handling circuit in order to prevent undesirable fugitive vapor emissions during a first mode of operation in which said volatile liquid product is being loaded into said storage tank from said supply tank and said volatile liquid vapor being produced is captured by said bed of adsorbent; and a first flow control valve in said vent line, a second flow control valve in said vapor line, a third flow control valve and a vacuum pump in said return line and a pressure sensor to sense pressure in said product handling circuit and provide feedback to said controller wherein said pressure sensor senses pressure in said vapor line between said second flow control valve and said storage tank, wherein said vapor management unit is connected between: (a) said vent line between said first flow control valve and said supply tank, and (b) said vapor line between said second flow control valve and said storage tank, (a) said vent line between said first flow control valve and said supply tank, and (b) said vapor line between said second flow control valve and said storage tank, wherein said vapor management unit includes a Stage I return relief valve set at a first pressure P 1, a first atmospheric relief valve set at a second pressure P 2 and a second atmospheric relief valve set at a third pressure P 3 where P 3 < P 1 < P 2.