The first phase of the project, slated to be Southeast Asia's largest oil storage terminal, will be built on a plot of 80 hectares of land and is expected to take between 18 and 24 months to complete. Construction cost details were not revealed.
Overall, about 360 hectares of land in Batam's Free Trade Zone has been set aside, with a refinery and petrochemical project being considered as part of the second phase of development, sources were quoted as saying.
The project was originally supposed to be a joint-venture between Sinopec and Oiltanking, but the deal fell through because Oiltanking decided to proceed with a storage facility in Karimun instead.
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