SGX Mainboard-listed Chemoil, one of the world's leading physical suppliers of marine fuel products, has announced plans to further expand its GPSChemoil terminal in Fujairah.
The expansion includes an additional capacity between 500,000 to 600,000 cubic meters by 2010, creating the company's largest owned storage facility after the recently launched Helios Terminal in Singapore. Following the completion of the entire expansion program through Chemoil's joint venture with Gulf Petroleum Supplies, the terminal's fully aggregated capacity could reach approximately 650,000cbm. Chemoil is currently utilizing its share of the existing 49,000 cubic meters GPSChemoil terminal and leasing a further 60,000 cubic meters of capacity from Vopak whilst the phased construction of its terminal continues. It is estimated that by the end of the fourth quarter of 2008, the third phase of expansion will be completed to provide a total capacity of 94,000 cubic meters. Revised plans for the fourth phase of construction aim to further augment its original proposal by using land leased from the Port of Fujairah to extend the facility by an additional 500,000 to 600,000 cubic meters. Some of the tanks could be ready as early as mid-2009. The company is also exploring other options to further expand its local capacity beyond 2010, should market conditions demand for it.
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