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Vopak & Sabic to Invest in New Jubailís Storage Terminal

Source: www.gulfoilandgas.com 11/14/2012, Location: Middle East

Vopak and Sabic have decided to jointly invest in a new terminal in King Fahd Industrial Port at Jubail, Saudi Arabia, to serve the expansion of the petrochemical and downstream industries; the initial storage capacity will be approximately 250,000 cubic meters (cbm) after completion early 2015.

Vopak announces that they have taken the decision to build together with Sabic a new storage terminal in King Fahd Industrial Port at Jubail, Saudi Arabia. For this purpose a joint venture has been established, the Jubail Chemical Storage and Services Company (JCSSC), in which Sabic holds 75% and Vopak 25%. The plan is to finance the project from the partiesí own resources as well as through external funds.

The new facility will have an initial storage capacity of approximately 250,000 cbm. The first phase will consist of around 40 commodity and specialty chemical storage tanks, complete with truck handling and ship loading facilities for 5 berths, and is expected to be ready for commissioning early 2015. This capacity can be expanded in the future.

The investment in this industrial terminal will provide the petrochemical industry in Jubail with a critically important export facility, designed to the highest safety standards, and will enable the continued growth of the petrochemical and downstream industries in one of the largest petrochemical production locations in the world.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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