2014-09-04 17:50:00
SINGAPORE: FIRST UNDERGROUND 1.47 MLN M3
Singapore has launched the first phase of an underground oil storage terminal comprising five caverns with the capacity to hold a total of 1.47 million cubic metres of crude and condensate, and nine km of tunnels.
State industrial landlord JTC Corp invested a total of S$1.7 billion to develop Southeast Asia's first underground oil terminal including $950 million for the caverns located 150m below Jurong Island's energy and chemicals hub. (US$1=S$1.25). Located 130m under the seabed, two of the operating caverns have been leased to Jurong Aromatics Corporation to store condensate while the other three are due to start up in 2016.
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