An official at Itochu declined to confirm the lease agreement or give further details. ”Our company may make an official comment at a later date,” the official told Bunkerworld.
Industry sources told Bunkerworld that the storage deal for Itochu is confirmed.
Traders said Itochu is likely to trade mainly straight-run fuel oil, used as refinery feedstocks, buying from Russia and the Middle East and selling mainly to Singapore and China’s independent oil refiners.
Chemoil’s Helios Terminal had also leased about 200,000 m³ to Brazil’s Petrobras early last year.
The latest lease to Itochu would leave Chemoil with about 100,000 m³ of capacity used for its cargo trading and bunker supply business mainly in Singapore.
Itochu seals fuel oil storage lease in Singapore
05.18.2009 - NEWS
Japan's Itochu takes fuel oil storage at Helios Terminal in Singapore
Japan's Itochu Petroleum in Singapore has leased up to 150,000 cubic metres (m³) of storage space at Chemoil's Helios Terminal, according to industry sources.
The Japanese fuel oil trading house is a stakeholder in Singapore-listed Chemoil, which owns the 450,000 m³ onshore storage facility on Jurong Island.
The terms and length of lease for the storage agreement were not disclosed.
