Singapore’s Jurong Port is adding a new liquid bulk terminal via a joint venture with Oiltanking Singapore, in view of the increasing demand for storage needs in Singapore’s busy petrochemical market.

Jurong Port and Oiltanking Singapore, majority-owned subsidiary of Germany’s Oiltanking GmbH, have signed a joint venture agreement to develop, own and operate a new liquid bulk terminal to be located on 16 hectares of exising land in Jurong Port, opposite Jurong Island, Singapore.

Jurong Port will hold 60% of the shares in the joint venture and Oiltanking Singapore the remaining 40%.

The new liquid bulk terminal will have an initial capacity of 200,000 cu m with the potential to add another 230,000 cu m for a total capacity of 430,000 cu m. It will be supported by jetties with a draft of 16 metres, capable of berthing vessels up to 120,000 dwt.

“Jurong Port views the partnership with Oiltanking (…) as an opportunity to enable greater development of its multi-purpose port operating expertise and optimisation of its asset utilisation while simultaneously ensuring enhanced productivity and capacity in the handling of its other dry bulk and breakbulk cargo,” Jurong Port said in a statement.