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Jurong Port, Oiltanking launch joint venture for new petrochemical terminal
JURONG Port Pte Ltd and Oiltanking on Wednesday evening officially launched a joint venture for a new liquid bulk terminal that will bolster trading and storage of petrochemical products in Singapore.
The joint venture, Jurong Port Tank Terminals (JPTT) was launched under two years from the penning of an agreement between the two parties in December 2015 to develop, own and operate the terminal now under construction in Jurong Island.
The terminal will be supported by four jetties capable of handling vessels up to 180,000 dwt. It will be connected via pipelines to Jurong Island.
Earlier this year, the joint venture partners awarded the construction work to Rotary Engineering and Antara Koh. The planned facilities will be operational in phases beginning from 2019.
Ooi Boon Hoe, Jurong Port CEO and JPTT chairman, said that the joint venture is part of Jurong Port's strategic vision of becoming a world-class multipurpose port operator through the development and expansion of its operating capabilities.
JPTT is an integral part of a transformation that started three years ago, with "our vision of creating a next generation multipurpose port ensuring the efficient and safe handling of goods especially non-containerised cargo for at least the next 50 years", he added.
Douglas van der Wiel, president of Oiltanking Asia Pacific, said that JPTT can and will meet the demand for supporting infrastructure emerging from petrochemical product flows into South-east Asia. Such product flows are bolstered by Asia's role as a driver of global consumption of petroleum products.
The launch event held at The Pan Pacific Singapore was graced by Low Yen Ling, Senior Parliamentary Secretary (see amendment note), Ministry of Education and Ministry of Trade and Industry.
Amendment note: Ms Low Yen Ling should have been Senior Parliamentary Secretary not Parliamentary Secretary as previously stated.