December 31, 2012 [channelnewsasia.com] - JTC Corporation is into the second stage of its two-stage tender to engage an operator for Jurong Rock Caverns, Singapore's first underground hydrocarbon storage facility.
The company said in a statement Thursday that phase one of the project on Jurong Island, which comprises five caverns, will be completed in stages between 2013 and 2014. JTC aims to appoint an operator by mid-2013, which will be given a 15-year contract.
In the second stage of the tender, qualified participants will have to submit proposals with an emphasis on fee alongside with technical, commercial and legal propositions. JTC added in its statement that the second stage includes a pre-qualification stage for new interested participants who had missed the first stage.
The pre-qualification stage, which opens on Thursday, will close on Jan. 21, 2013.
JTC disclosed that four participants who were shortlisted under the first stage of have been invited to submit their proposals for evaluation in the second stage.
JTC said in a statement that it is confident of bringing on board a suitable and qualified operator by 2013.
Commenting on the merits of the project, JTC’s Assistant CEO, David Tan said, “JRC will cater to the growing need for additional storage capacity for liquid hydrocarbons at Jurong Island. The project will help optimize our land resource and ensure the competitiveness and sustainability of Singapore’s chemical industry in the long run.”
The JRC project – costing around $950 million – is the first underground rock cavern for hydrocarbon storage in Singapore and Southeast Asia. Sited at a depth of 427 feet (130 meters) underneath Selat Banyan at Jurong Island, the cavern is expected to meet Singapore’s storage needs for crude, condensate, naphtha and gas oil.
