Asia/Pacific News
Newly Expanded Malaysia Storage Terminal Already Fully Leased for Fuel Oil
The second phase of VTTI B.V.'s (VTTI's) storage unit at the ATT Tanjung Bin Sdn Bhd (ATB) oil terminal in southern Malaysia has already been fully leased for fuel oil storage, Reuters reports.
The 260,000 cubic meters (cbm) of new capacity, which was added on August 1, has been split equally between Petronas and Koch Supply & Trading, according to unconfirmed reports.
Crashing oil prices and an abundance of product has kept land based storage in high demand.
Ship & Bunker reported Tuesday that such is the demand for storage that in neighbouring Singapore, record high stocks and a slowing demand for fuel oil was also encouraging traders to temporarily store increasing amounts of the fuel in tankers.
However the strong market for storage may not last, and last month Thomson Reuters Oil Research and Forecasts predicted that storage operators could be the ultimate losers in Asia's changing fuel oil market.
