TankTerminals.com - SINGAPORE FIRM TO BUILD SGD750MIL OIL TANK FARM

SINGAPORE FIRM TO BUILD SGD750MIL OIL TANK FARM

Singapore oil trader Hin Leong will spend a whopping SGD750 million - almost the cost of a petrochemical cracker - to build the country's biggest independent storage terminal.

Its Universal Terminal on Jurong Island, which will also be one of the largest independent facilities worldwide, will store 2.28 million cubic metres - about 14.25 million barrels - of crude and products like jet fuel, diesel and naphtha. When it opens at end-2007, it will boost Singapore's status as a regional oil storage and blending hub, especially for the important China market. It will add a significant 15 per cent to existing storage capacity here of 97 million barrels, including new tank farms and expansion projects underway.

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Added to TankTerminals.com on: Friday, February 10, 2006 by .

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