SINGAPORE - Jurong Port has launched a joint venture with Oiltanking for a new liquid bulk terminal that will help boost Singapore's status as an international maritime energy and chemicals hub.

The joint venture, Jurong Port Tank Terminals (JPTT), will sit on 16 hectares of land in Jurong Port, and will come with a total capacity of 480,000 cubic metres to cater to the storage and trading of clean petroleum products.

It will be supported by four jetties with draft of up to 17.6 metres capable of handling vessels up to 180,000 deadweight tonnage.

The terminal will also be connected via pipelines to the Jurong Island petroleum and petrochemical network.

Jurong Port said in a statement on Wednesday that the construction of JPTT had started in May and is on track to be completed by 2019.