Oiltanking lifts capacity in Singapore storage

The deal will increase petroleum capacity in the Singapore storage business by 37%

Germany’s Oiltanking is to buy the Helios oil storage terminal on Jurong island, Singapore, from Chemoil. The acquisition will increase Oiltanking’s petroleum capacity in the booming Singapore storage business by 37%, although it will still be number-two in the port to Vopak. Oiltanking will pay $285 million for the Helios terminal, which – having started-up in 2008 – is one of Singapore’s newer facilities. The terminal has a capacity of 503,000 cubic metres (cm), and was purpose-designed for the storage and blending of fuel oil. Its six-berth jetty can handle tankers of Suezmax size, with two mooring at the same time. Chemoil, a marine fuels supplier, is to continue to operate its bunkering