Joint Venture Agreement for New Storage Terminal in Singapore
Jurong Port Pte Ltd and Oiltanking Singapore Limited 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 hold 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 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 m, capable of berthing vessels up to 120,000 dwt.