Horizon Singapore Completes Third Expansion Phase of $306 Million Bulk Liquid Storage Terminal

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Researched by Industrial Info Resources (Sugar Land, Texas)--Horizon Singapore Terminals Private Limited (Singapore), a subsidiary of leading liquid terminal operator Horizon Terminals Limited (Dubai, United Arab Emirates), recently announced the completion of the third phase of expansion of its bulk liquid storage terminal on Singapore's Jurong Island. Horizon Terminals Limited is a wholly owned subsidiary of Emirates National Oil Company (Dubai).

The $306 million terminal is designed to handle a range of refined petroleum products and is equipped with blending and heating systems to extend a host of value-added services. The terminal consists of four marine jetties and 59 bulk liquid tanks with storage capacities of 6,000-45,000 cubic meters. The third phase of expansion has increased the storage capacity of clean petroleum products by 270,000 cubic meters, ramping up the total storage capacity of the terminal to 1.24 million cubic meters.

Horizon Singapore operates one of the largest bulk liquid storage terminals in the Far East. The first phase of the terminal was commissioned in 18 months. Construction of the first phase began in May 2005 and the terminal handled its first shipment in October 2006. Horizon Terminals also operates storage facilities in the United Arab Emirates, Saudi Arabia, Korea, Djibouti, Morocco and Mozambique, but the facility in Singapore is its largest outside the United Arab Emirates.

Singapore is currently among the top three oil-trading centers in the world equipped with state-of-the-art refining facilities. Opening of the third phase of the terminal is expected to further strengthen the country's position in the trading market and improve its oil infrastructure and logistics. Singapore records an annual oil trade worth $300 billion and achieves sales of nearly 30 million tons per year of bunker fuel oil. Following storage capacity additions of 5 million cubic meters in the last three years, the value of oil trade in the island nation has nearly doubled from $150 billion in 2005.

Singapore is keen on further increasing its oil storage capacity but is faced with an acute shortage of space on Jurong Island. This has given an impetus for international traders to set up offshore storage facilities in the region. Unavailability of land on the island has also delayed the proposed Jurong Rock Cavern oil storage project. The feasibility of alternatives such as floating oil storage is being explored to initiate the $700 million project. Once commissioned, the project will boost the country's oil storage capacity significantly. The first phase is likely to offer 1.47 cubic meters of storage space while the second phase is expected to add a further 1.32 cubic meters of storage space.

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