CNPC to build oil storage in Batam
Tuesday, April 27 2010 - 04:55 PM WIB
Hong Kong Stock Exchange-listed logistics and trading firm Sinopec Kantons Holdings Limited reported on Monday that it had signed a Heads of JV Agreement with PT Mas Capital Trust (MCT)Indonesia to build a 2.6 million cubic meters oil storage complex in industrial island of Batam, Riau Islands province.
Sinopec Kantons is a subsidiary of Chinese state-owned giant China Petroleum & Chemical Corp. (CNPC). MCT is a subsidiary of PT Batam Sentralindo, the operator of Batam Free Trade Zone.
The Company said the complex will include operation of crude oil storage, jetty with ancillary facilities, and trading of crude oil, petroleum and petroleum products.
Investment to develop the complex is estimated at US$ 815 million, the Company said, adding that it would provide 95 percent of the investment requirement.(alex)