| Apr 22 2007 |
MASSIVE EXPANSION IN SINGAPORE
Following its earlier expansion to its US $225 million oil products tank-farm last October 2006, HTL has announced its latest project in Singapore, which will add another 23 tanks with 266,000 cubic metres of clean petroleum storage capacity on the island.
Horizon Terminals has been fully booked even before its phase two expansion, which is an addition of an extra 110,000 cubic metres. The terminal’s existing 840,000 cubic metre phase one will be ready by the middle of this year.
“Singapore is ranked as the world’s third largest trading hub with physical oil worth over US $260 billion, which is traded annually. This buoyant industry has played a significant role in our decision to invest in the region”, commented Yusr Sultan, CE - Shipping, Terminalling & LPG.
Through this third and latest phase, all available space at Jurong Island has been utilised. However, the company’s goal for expansion doesn’t end here, as it has plans to set up another terminal in Singapore for chemicals and petrochemicals storage. Discussions with relevant officials have already commenced for this ambitious project.
Currently, Horizon stores only refined oil products, which comprise 70:30 of dirty products like fuel oil and clean products like gasoline and diesel.
Once phase three is operational by the second half of 2008, Horizon will then possess a staggering 1.2 million cubic metres of oil products storage, comprising 60:40 of dirty and clean products.