Jurong Port Pte Ltd and Oiltanking Singapore Limited have signed 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 own 60% of the shares in the joint venture and Oiltanking Singapore 40%.
Designed to store and handle both clean petroleum products and chemicals, the new liquid bulk terminal will have an initial capacity of 200,000 cubic metres (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 deadweight tonnes (DWT).
The new liquid bulk terminal will support increasing demand for storage in 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.
Headquartered in Singapore, Jurong Port is a leading international multi-purpose port operator. Established in 1965, the port initially served Singapore’s Jurong Industrial Estate. Jurong Port has since expanded to serve as Singapore’s main general and bulk cargo gateway.
Oiltanking Singapore Limited currently owns and operates a 1,265,000 cbm petroleum products storage terminal in Jurong Island, Singapore. The company is a majority-owned subsidiary of Oiltanking GmbH.