AKR, Vopak set up JV firm to run Jakarta storage facility

JSX-listed fuel distributor and logistics firm PT.AKR Corporindo Tbk. announced on Monday that it and JV partner Holland-based tank terminal operator Royal Vopak formed a company called PT. Jakarta Tank Terminal (JTT).

JTT will be 51 percent owned by AKR and the balance will be held by Vopak, the company said.

JTT will build a fuel and chemical terminal facility in the port of Tanjung Priok, Jakarta to meet the growing demands in Jakarta, Banten and West Java.

The facility, which would be built on a 15.5 hectares of area, will have storage capacity of 450,000 meter cubic, 250,000 m3 of which will start operations in mid-2009. The second phase is expected to be completed in 2012.(alex)