Asia/Pacific News
VTTI to Start Second Phase of Malaysia Storage Terminal
Vitol Tank Terminals International BV (VTTI) will open the second phase of the ATT Tanjung Bin Sdn Bhd (ATB) oil terminal on August 1, 2015, Reuters reports.
The terminal, located in in Johor, Malaysia will see the addition of 260,000 cubic meters of storage capacity for fuel oil and middle distillates, said Jasper Schmeetz, commercial manager at the terminal.
Phase completion will bring almost 30 percent additional storage to the existing terminal capacity of 890,000 cubic metres.
A jetty that can accommodate Aframax vessels with a capacity of 120,000 deadweight tonnes will also be added to the terminal as part of the second phase.
VTTI, an equal venture between MISC Berhad and the Vitol Group (Vitol), began its first phase in April 2012.
Since that time, the first phase of the terminal has been fully leased, Schmeetz said, but did not state whether any companies had signed up to lease the newest phase of the terminal yet.
Currently, the terminal is able to store fuel oil, middle distillates, and gasoline, while the terminal's jetty can accommodate a fully laden Suezmax or a partly laden very large crude carrier (VLCC).
The completion of the second phase was originally expected by the first quarter of 2015.
In April, Vitol predicted that crude oil prices will likely trade between $50-$70 per barrel in the second half of 2015.
