Singapore oil storage business booms during bust

The global economic downturn of 2009 did nothing to dull demand for onshore oil storage in Singapore. On the contrary, a growing number of buyers chasing limited facilities propped up lease rates for both clean and dirty tanks in Singapore by 14.3-16.7%. For 2010, companies holding long-term lease for “clean” or refined product tanks to store gasoline, naphtha, gasoil and jet are having to pay around USS$8 per cubic meter (cu m), up from the USS$6.50-US7.50/cu m they would have paid last year, industry sources said. (January 28, 2010)