Jurong Port and Oiltanking launched a joint venture as part of their plans to boost the trading and storage of petrochemical products in Singapore and in cementing the city-state's status as an international chemical and maritime energy hub.
The joint venture will see the rise of Jurong Port Tank Terminals(JPPT), a 16-hectare project with a total capacity of 480,000 cubic metres. This terminal will cater to the storage and trading of clean petroleum products.
In a media statement, Jurong Port said the terminal will be assisted by four jetties with a draft of up to 17.6 meters capable of handling vessels up to 180,000 DWT. The terminal will also be linked via pipelines to the Jurong Island petroleum and petrochemical network, allowing for certain efficiencies and benefits for its customers. The construction of the terminal, which started in May 2017, is expected to be completed by 2019.
Jurong Port CEO and JPPT Chairperson Ooi Boon Hoe said the new terminal is part of Jurong Port's vision of being recognised as a world-class multipurpose port operator through the development and expansion of its port operating capabilities.
"Being a world-class port operator involves transformation, intensifying our asset utilisation and developing new growth opportunities. JPTT is, therefore, an integral part of our port's transformation," Ooi said.
Senior Parliamentary Secretary Low Yen Ling from the Ministry of Trade and Industry and Ministry of Education said the new port will help the city-state take on opportunities within the energy and the chemicals market not just in the region but in the whole of Asia.
She commented that the potential storage capacity of the terminal addresses the challenge of creating new storage spaces in land-scarce Singapore.
"We are confident about the outlook for the energy and chemicals industry, and will continue to strengthen its competitiveness," she said as quoted by the Straits Times.
Meanwhile, the parliamentary secretary mentioned that the Singapore Government is planning to lay out an industry transformation map for the energy and chemicals sector in the near future.
To recall, the energy and the chemicals industry contributed around 20% of Singapore's total manufacturing value-added last year and employed 25,000 people.