Jurong Port has launched a joint venture with Oiltanking for a new liquid bulk terminal in a move that will help boost Singapore's status as an international maritime energy and chemicals hub.
The joint venture Jurong Port Tank Terminals (JPTT) - owned and developed by the two parties - will sit on 16ha of land in Jurong Port, with a total capacity of 480,000 cubic m to cater to the storage and trading of clean petroleum products.
The terminal will be supported by four jetties with draft of up to 17.6m capable of handling vessels of up to 180,000 deadweight tonnage.
It will also be connected via pipelines to the Jurong Island petroleum and petrochemical network.
Jurong Port chief executive Ooi Boon Hoe said at the launch event yesterday that the construction of JPTT had started in May this year, and is on track to be completed by 2019.
He added that prospective demand for the terminal's facilities is upbeat - "so much so that we are currently considering fast-tracking the construction of the entire terminal, bringing forward its completion to fulfil anticipated demand even earlier".
Area of the upcoming Jurong Port Tank Terminals (JPTT) .
Total capacity in cubic m of JPTT - to cater to the storage and trading of clean petroleum products.
"JPTT is part of Jurong Port's strategic vision of becoming a world-class multi-purpose port operator through the development and expansion of our port operating capabilities," said Mr Ooi, who is also chairman of JPTT.
"Being a world-class port operator involves transformation, intensifying our asset utilisation and developing new growth opportunities. JPTT is therefore an integral part of our port's transformation," he added, pointing to the group's vision of creating a next-generation multi-purpose port.
Ms Low Yen Ling, Senior Parliamentary Secretary (Ministry of Trade and Industry, and Ministry of Education), who was also at the launch at Pan Pacific Singapore, said JPTT will help Singapore capture growth opportunities within the energy and chemicals market, especially in Asia.
It will also enhance Singapore's value proposition as an energy and chemicals hub.
The facility's potential storage capacity of about 480,000 cubic m will provide valuable support to energy and chemical companies, "especially since it is becoming increasingly challenging to create new storage space in land-scarce Singapore", said Ms Low.
In addition, JPTT's close proximity to Jurong Island allows the facility to be directly integrated into the petroleum and petrochemical network on Jurong Island via pipelines, lowering costs and improving operational efficiencies for firms there, she noted.
"We are confident about the outlook of the energy and chemicals industry, and will continue to strengthen its competitiveness," Ms Low said, adding that the Government will soon launch the energy and chemicals Industry Transformation Map, which will lay out transformation and growth strategies to position the industry for the future.
The energy and chemicals industry accounted for about a fifth of Singapore's total manufacturing value-added last year and provided jobs for around 25,000 people. Globally, Singapore ranks within the top 10 by chemicals export volume.