Under the deal, Jurong Port will hold 60 percent of the shares in the joint venture and Oiltanking Singapore 40 percent.
Designed to store and handle both clean petroleum products and chemicals, the new liquid bulk terminal will have an initial capacity of 200,000 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 DWT.
The new liquid bulk terminal will support the increasing demand of storage needs in Singapore with its integration to Jurong Island, Asia’s petrochemical industry hub. This facility will allow also for the establishment of physical connectivity via pipelines.
Jurong Port said that it views the partnership with Oiltanking as “an opportunity to enable greater development of its multi-purpose port operating expertise and optimization of its asset utilization while simultaneously ensuring enhanced productivity and capacity in the handling of its other dry bulk and break-bulk cargo.”
In 2014, Jurong Port handled close to 32 million tons of general and bulk cargo, and 600,000 TEUs of container cargo at its local and overseas facilities.