In a statement the company said, “Tenders have already been solicited from engineering contractors for the construction of the tanks as well as jetty facilities.”
“The first phase is estimated to cost S$120 million (US$70.5 million). Construction will start in August this year and completion is scheduled for December 2005. Together with its three other terminals presently in operation, Vopak’s total investment in Singapore will exceed S$800 million (US$470 million).
“The fully built-up terminal, expected before the end of this decade, will have an oil storage capacity of 900,000 cubic metres and chemicals-storage capacity of 550,000 cubic metres. The total Banyan project is envisaged to cost S$625 million (US$367 million).
Vopak’s new Jurong Island assets, once completed, will augment the 1 million cubic metres oil storage facility at Pulau Sebarok and the 500,000 cubic metres of chemical storages facilities at Pulau Sakra and Tanjung Penjuru.
