Gunvor, Oiltanking to build new Indonesian terminal
Thursday, June 13 2013 - 07:01 AM WIB
Singapore-based firm Gunvor Group together with Oiltanking GmbH announced the construction of a greenfield terminal, Oiltanking Karimun, on the island of Karimun.
The facility, which will have an initial petroleum storage capacity of 760,000 cbm, will meet the incremental petroleum storage needs of Greater Singapore, Gunvor said in a statement on Wednesday.
Oiltanking Karimun will be managed and operated by Oiltanking as an independent commercial storage facility.
The deal comes as a part of Gunvor?s investment and Asian growth strategy.
As an alternative to tightening petroleum storage in Singapore, the island of Karimun has been selected due to its proximity to Jurong Island, Singapore?s industrial petroleum and petrochemical hub, and existing ship-to-ship operations off the coast.
Karimun further offers favorable nautical conditions, such as easy access to VLCC size vessels, and availability of ready-to-build land.
The terminal, which is expected to be operational by second quarter 2015, will cater to the storage and handling of both light and black oil products.
The initial capacity will be supported by four jetties capable of accommodating vessels of up to VLCC dimensions. The terminal has ample land for further expansion.
Oiltanking GmbH is a subsidiary of Marquard & Bahls AG, Germany, a leading petroleum company, privately owned. Oiltanking is the second largest independent tank storage provider for petroleum products, chemicals and gases worldwide.
The company owns and operates 75 terminals in 23 countries within Europe, North and South America, Middle East, India as well as Asia. Oiltanking has an overall capacity of 20.3 million cubic meters
Editing by Dadan Wijaksana