Tanjung Priok fuel terminal set for completion next year

IDX-listed fuel trader and logistics firm PT Aneka Kimia Raya (AKR) Corporindo Tbk is upbeat to complete the first stage construction of its fuel terminal in Tanjung Priok, North Jakarta in October next year as initially scheduled.

AKR?s President Director Hariyanto Adikoesoemo said in Jakarta on Tuesday that the first-stage construction of the Jakarta Tank Terminal was progressing.

The total capacity of the terminal will reach 450,000 kiloliters. But in the first stage of the project, the company will build fuel storage facilities with a capacity of about 250,000 kiloliters.

Hariyanto said that the second stage of the fuel storage complex was scheduled for completion in 2011.

The company expects to receive about US$25 million in annual rental fees in 2010 from the storage built in the first stage.

Potential renters include Shell, Chevron atau Petronas, he said.

According to him, AKR holds a 51 percent stake in the project with the Dutch company Royal Vopak holding the remaining 49 percent.

AKR Corporindo expects its fuel sales to increase by 40 percent in 2008 from last year?s figure of 522,000 kiloliters, Corporate Secretary Vembu Suresh told Petromindo.Com on July 28, 2008.

Currently, the company has storage capacity of 220,000 kiloliters and it will expand its fuel storage in Bali, South Kalimantan, North Sumatra and Lampung. (*)