Singapore may be one of the largest oil refining and trading hubs in the world, with total storage capacity standing at close to 10 million m3 and annual oil trade registering around $300 billions worth, but it has no natural resources and is rapidly running out of space.
Ever increasing land prices are causing companies to look to Malaysia as a supplementary storage centre, and significant new terminal storage capacity is expected to come on line in the next few years, in particular along the Johor coast near Singapore.
The estimated storage capacity by 2020 in Malaysia is expected to be around 25 million m3, primarily in that region.
The first phase of European trader Trafigura’s 400,000m3 Tanjung Langsat oil storage terminal in Johor has just been completed, global oil trader Vitol is planning its own terminal at Tanjung Bin and Vopak is conducting a feasibility study to develop a storage facility in Pengerang.
Other plans for the region include Malaysia’s privately held Merapoh Resources, which has signed a MoU for a proposed $10 billion (€6.7 billion) refinery in Yan, Kedah, northern Malaysia; Malaysia’s Pristine Oil, which is building tanks to hold up to 1.5 million barrels of oil and Malaysia’s Trans-Peninsula Petroleum, which is working on a $7 billion oil pipeline across the northern part of Peninsula Malaysia.
With so many projects in the pipeline, it makes it the perfect location for this year’s conference and exhibition.
The day two conference programme will cover the latest projects and investments in the region and across Asia, the growing trend towards floating storage, overcoming trade barriers, risk assessment, the latest regulation changes affecting the market and best practices for tank safety and management.
Speaker’s at last year’s event included Morimasa Ogawa, Auditor, Nippon Vopak, Japan, Matt Hildebrandt, Economist, JPMorgan Chase Bank, Bert van der Toorn, Managing director, Head natural resources, Asia Structured Finance ING WholeSale Banking, Raychung Chang, Director, Department of storage and transportation, CPC Corporation, Taiwan, Bernadette Raymundo, Vice president of supply, quality control and product development, Seaoil Philippines and many more.
