Chemoil’s terminal to be online by mid-2011

Singapore-listed marine fuel trader Chemoil Energy Ltd. said it expects its 600,000 cubic meter (cu m) storage facility in the United Arab Emirates port of Fujairah will be completed in 2011, a year later than planned. This will bring the fully aggregated capacity of the terminal, a joint venture with Gulf Petroleum Supplies LLC (GPS), to about 700,000 cu m. About 75% of the new tank capacity at the terminal would be dedicated to dark fuel, which could include some commercial crude storage, with the remaining 25% set aside for clean petroleum products. The Abu Dhabi emirate’s International Petroleum Investment Co. (IPIC), which invests in oil and gas projects for the Abu Dhabi government, is building an oil pipeline that will bypass the Strait of Hormuz. At the time, the company said it was on the lookout for new acquisitions. Last August, Chemoil acquired a controlling stake in a 34,000 cu m oceanfront terminal in Batangas, in the Philippines for US$13 million. It also opened its flagship 448,000 cu m Helios terminal on Singapore’s offshore Jurong Island in February 2009. (March 24, 2009)