”We are in the final stages of evaluation (of the tenders) and expect to make a decision in February” a JTC spokeswoman told the local Business Times.

Dutch tank operator Royal Vopak has already expressed strong interest in running the underground rock caverns. Vopak is currently operating onshore oil tanks on the island.

Other companies that are interested include Middle East oil firm Emirates National Oil Company (ENOC) and engineering firm Geostock-Jurong Consultants.

JTC indicated in a pre-qualifying tender document in April 2007 that it expected the first two caverns of phase 1 JRC to be operational by December 2010.

The first phase will see five caverns capable of holding 1.485 million cubic metres (m³) of crude oil, naphtha, condensate and gas oil. Four will store 330,000 m³ and the fifth will hold 165,000 m³.

Construction work will involve about seven kilometres of galleries and tunnels, giving the caverns sizes of about 20 metres wide and 27 metres high.

A planned phase 2 could add another 1.3 million m³ of storage.