International oil terminal operator Royal Vopak will pour in capital to build a liquefied petroleum gas (LPG) storage facility in Singapore. This is the first independent import LPG facility in Southeast Asia, according to Seatrade Global.
The planned LPG facility is in Banyan terminal at Jurong Island. Construction of the storage building is set to be completed early 2016, the report stated.
Vopak has inked a deal with oil firm ExxonMobil as its first anchor customer for the facility. The LPG storage facility will be linked using pipelines to adjacent plants. The facility will also allow the firm to import and distribute LPG in Jurong Island efficiently, Seatrade Global reported.
Eelco Hoekstra, Chief Executive Officer of Royal Vopak, said of the company's investment choice, "Singapore is a natural choice as it is home to several large petrochemical complexes and we already have an established presence supported by excellent relationships with local authorities. Most importantly, building on the success of Singapore as an oil hub, there is potential for a regional hub for LPG and we are keen to be part of this growth."
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