Singapore: JTC Corporation (JTC) has awarded a contract to operate Jurong Rock Caverns to a consortium comprising Vopak Terminals Singapore, Geostock SAS and Jurong Consultants.
The contract will be for a period of 15 years and is worth about S$200m.
Jurong Rock Caverns is Southeast Asia and Singapore's first subterranean hydrocarbon storage facility.
The facilities include the five oil storage caverns, underground tunnels, equipment, and supporting facilities such as jetties to transport the oil.
Bulk liquids storage company Vopak Terminals Singapore will hold a 45% stake in the consortium, with international engineering firm Geostock SAS having a 35% stake and Jurong Consultants the remainder.
The completion of Phase 1 of the project, with a storage capacity of 1.47m cu m, is scheduled for the second half of 2014. [16/01/14]