JTC is in the final stages of evaluating the bids for the construction and operation of the Jurong Rock Cavern facility and will announce winners of the two separate tenders in February, a spokeswoman told Reuters.
She declined to reveal how many bidders were in the running or their names.
JTC’s decision will come after months of delays in awarding the tenders, which were first called in late 2007.
Industry sources said bidders for the operation tender include Dutch oil and chemicals storage firm Royal Vopak NV (VOPA.AS), New York-based engineering and infrastructure consultants Parsons Brinckerhoff and storage operator Horizon Terminals Ltd, wholly owned by Emirates National Oil Company (ENOC).
Vopak already operates landed oil storage tanks next to the planned facility.
In its FY2009 budget statement unveiled last week, the government said it had set aside about S$228 million ($151 million) to construct the first phase of the cavern project, which is in the Ministry of Trade and Industry’s budgeted fiscal year 2009 expenditure.
Last week, Singapore unveiled a huge S$20.5 billion budget stimulus package to help companies and save jobs as it grapples with its worst recession since independence more than four decades ago.
The first phase of the facility consists of five caverns that can hold 1.485 million cubic metres of crude oil, naphtha, condensate and gas oil. There will be about 7 km (4.3 miles) of galleries and tunnels. A planned second phase could add another 1.3 million cubic metres of storage.
The first two caverns of phase one are expected to be operational by end-2010 or early 2011.