15 February 2011

Singapore is set to launch its first floating oil storage project in the second half of this year.Apparently dubbed 'megafloat', the project is Singapore's latest answer to land-challenged, which does not allow for any more surface-based oil storage to be built. Final-stage engineering for the floating terminal at Pulau Sebarok - likely to be used to store oil products and be operated by Royal Vopak - has just started, with tenders for its construction expected around June.