December 1, 2015 [Oiltanking GmbH] - Jurong Port Pte Ltd and Oiltanking Singapore Limited are pleased to announce the signing of a joint venture agreement to develop, own and operate a new liquid bulk terminal that will be located on 16 hectares of existing land in Jurong Port, opposite Jurong Island, Singapore.
Jurong Port will hold 60 percent of the shares in the joint venture and Oiltanking Singapore 40 percent.
Designed to store and handle both clean petroleum products and chemicals, the new liquid bulk terminal will have an initial capacity of 200,000 cbm, with the potential to add another 230,000 cbm, for a total capacity of 430,000 cbm. It will be supported by jetties with a draft of 16 meters, capable of berthing vessels up to 120,000 DWT.
The new liquid bulk terminal will support the increasing demand of storage needs in Singapore with its integration to Jurong Island, Asia’s petrochemical industry hub. This facility is also well positioned for synergy building and maximization of operational efficiencies through the establishment of physical connectivity via pipelines. By being connected to the petrochemical network on Jurong Island, this provides strategic benefits for prospective customers.
Both partners will benefit from the joint venture. The new terminal strengthens Oiltanking Singapore’s position and enables the company to expand its overall operations within the island state, which is also known as the petrochemical hub of the vibrant Asia region.
Jurong Port views the partnership with Oiltanking, an established global liquid bulk handling and storage specialist, as an opportunity to enable greater development of its multi-purpose port operating expertise and optimization of its asset utilization while simultaneously ensuring enhanced productivity and capacity in the handling of its other dry bulk and break-bulk cargo.
