Oiltanking phase II storage project launches end-March

Oiltanking Odjfell Terminals (OOT) has commissioned phase II of its Oman oil and chemical storage facility. The 304,000 cubic meter (cu m) facility in Sohar will take total storage at the tank farm to 842,500 cubic meters. He said the facility located at the port of Sohar, which is naturally protected from harsh weather elements, reducing disruptions, had fully leased out the storage tanks. Demand, the company said, is healthy despite the slowdown in the global financial markets. India’s biggest private company formally commissioned its new 580,000 barrels per day (bpd) Jamnagar refinery at the end of last year, nearly doubling the company’s capacity and creating the world’s single-largest refining complex at 1.24 million bpd. When it hits full stride by the second quarter, when it is expected to begin exporting fuel to capitalize on an Indian fiscal-year tax break, it will add eight million tons of gasoline and 12 million tons of diesel to the market every year. (March 22, 2009)