The spokesperson said that the additional land space required for the terminal expansion would need approval from JTC Corporation, Singapore’s provider of industrial real estate services.
Lim declined to give a time frame for the expansion to take place.
Hin Leong’s $455 Universal Terminal started operations on Singapore’s Jurong Island in January 2008. Hin Leong has 65% stake in the terminal while Chinese oil firm PetroChina owns the remaining 35%.
The empty plot of land beside Universal Terminal could hold up to 30 small oil tanks.
Universal Terminal is said to be one of the largest independent oil terminals in the world, taking up a land area of about 56 hectares hosting 73 tanks and 12 jetties, including two VLCC berths.
Hin Leong is also looking to invest in storage tanks in the region, with a focus on southern China, according to Lim.
Hin Leong to expand Universal Terminal in Singapore
06.05.2009 - NEWS
Singapore oil trading firm Hin Leong may expand its oil terminal capacity in Singapore to 3 million cubic metres (m³) from the current 2.3 million m³.
''We're looking to expand capacity at Universal (Terminal), and pursuing this direction relentlessly. Our negotiations are going on,'' Evan Lim, executive director of Hin Leong, told Reuters.
A Hin Leong spokesperson had said in April that the company was planning to expand Universal Terminal using an empty plot of land next to the oil depot.
