Singapore: Chemoil has announced plans to expand its GPSChemoil terminal in Fujairah by 500,000 - 600,000 cubic meters by 2010. The expansion, past of a joint venture with joint venture with Gulf Petroleum Supplies, will create marine fuel product supplier's largest owned storage facility with the potential to reach approximately 650,000cbm in fully aggregated capacity. The company will commence marine fuel deliveries in mid-March and is slated to take delivery of two dedicated 7000dwt barges - the George Sea and its newly-built vessel, the Lorenzo Sea.
Chemoil is currently utilising 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 it. [10/03/08]
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