09 November 2011

 

Megafloat oil storage in the works

The first 'megafloat' at Pulau Sebarok - a pilot project to store oil on very large floating structures (VLFS) here - will be government-led, but private sector-run, as part of ongoing efforts to develop alternative facilities for oil traders in land-scarce Singapore. It is to be built and owned initially by JTC Corporation but operated by Royal Vopak, one of the biggest terminal operators here, sources said. Under the plan, Vopak will have the option to take over ownership of the floating storage later.

(The Business Times, 29 Oct 11)