The terminal will have an initial capacity of 760,000 cubic meters, but this could be expanded by 500,000 cu m in phase 1b of the project, Platts had previously reported.

Of the total tankage, 245,000 cu m will be dedicated to clean products across 19 tanks, including jet fuel, while the balance of 388,000 cu m would be for dirty products across 11 tanks.

In addition, the terminal has set aside around 127,000 cu m of storage tanks for either clean or dirty products, depending on demand.

The terminal will initially have four berths: one for vessels of up to 320,000 mt (including VLCCs); one up to 120,000 mt; one up to 75,000 mt; and one for coastal vessels of up to 15,000 mt.

Phase 1b could see a further two jetties added if it goes ahead, van der Wiel had said. Draft approaching the terminal is 18 meters, which can be quickly expanded to 21 meters if and when required, he added.

Oiltanking is the operator and majority owner of the new terminal, while Switzerland-based oil trader Gunvor holds a minority stake and will also rent part of the storage capacity at the terminal.

The remainder of the storage would be available to third parties, the partners have said previously.

The Oiltanking Karimun terminal is 25 nautical miles from Singapore, putting it at roughly equivalent distances as other new and upcoming terminals outside of Singapore.