Oiltanking to build storage for biofuels

Germany’s Oiltanking GmbH will spend US$15 million on its first biofuel storage tanks in Singapore to cater to the region’s growing biofuel industry. Oiltanking, which has invested more than US$500 million in an 8.45 million barrel oil storage terminal on Jurong Island, signed a long-term agreement with Nexol (Singapore), a Malaysian-German partnership involving Kulim and CremerOleo. Nexol is setting up a biodiesel plant next to Oiltanking’s Seraya terminal. In order to serve the needs of Nexol, Oiltanking is constructing eight new tanks with a total capacity of 29,400 cubic meters (cbm), said both companies in a joint statement. Oiltanking is the second independent terminal operator in Singapore to build tanks for the biofuels industry. Oiltanking will build eight tanks with total capacity of 29,400 cbm for Nexol. (May 25, 2007)