JTC finds operator for Jurong Rock Cavern

[SINGAPORE] An operator has been found for the $890 million, first-phase Jurong Rock Cavern (JRC) oil/petrochemicals storage after a two-year search, The Business Times understands. This is timely as the facility's first customer, Jurong Aromatics Corporation (JAC), is set to start up its US$2.4 billion aromatics complex on Jurong Island in the second quarter of next year.

The name of the winning operator has not yet been disclosed, with JTC Corporation expected to release details of the operatorship deal shortly.

The award of the operatorship - which had been expected in June this year - comes after JTC called for a two-stage request for proposals (RFP) in December 2011. It subsequently launched the second stage of the RFP last December after shortlisting four potential groups, though it also opened "prequalification" to others who had missed the first-stage RFP.