Vitol, MISC to double oil storage in Malaysia

The world’s largest oil trader Vitol and Malaysian state-run shipper MISC plan to almost double the capacity of their Johor terminal, the biggest oil storage in Malaysia, by 2014.
The Tanjung Bin storage terminal started operations last April, with 41 tanks that have a total capacity of 890,000 cubic meters. Vitol and MISC said they planned to add additional tanks with a total capacity of 800,000 cubic meters by mid-2014, with the intention of leasing them.
The terminal stores crude and oil products such as butane, light and middle distillates as well as fuel oil.
Malaysia is fast expanding its oil storage capacity through investments from independent traders Vitol and Trafigura. It has also offered tax incentives to draw more trading firms to set up shop in the state of Johor, as next-door neighbor Singapore, runs out of storage space.
It received 360 ships in 2012 with a throughput of 38 million barrels of oil products.
Vitol Tank Terminals International (VTTI), jointly owned by the world’s largest oil trader Vitol and MISC, owns and operates a network of oil products terminals with a gross combined capacity of nearly 8.5 million cubic meters globally.