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Keppel Consortium Secures $52.5m Jurong Island Pipelines Project

Source: 4/16/2019, Location: Asia

Pipenet Pte Ltd (Pipenet), a wholly-owned subsidiary of Keppel Infrastructure Holdings Pte Ltd (Keppel Infrastructure), as a lead consortium partner together with Asia Projects Engineering Pte Ltd, has secured a contract to design and build two 48" crude oil pipelines and ancillary facilities along parts of Banyan Drive, Banyan Avenue and the Jurong Island Highway that will facilitate pipeline connection to the Jurong Rock Caverns on Jurong Island, Singapore.

Through an open tender, JTC Corporation (JTC) awarded the $52.5m contract to the consortium. The project is slated for completion in end 2020. The addition of these pipelines will facilitate the transportation of crude oil between the Jurong Rock Caverns and its users.

Earlier this year in January, JTC awarded Pipenet a separate contract to design, build and operate pipe racks on Jurong Island that would facilitate pipeline connection to the Jurong Rock Caverns. Construction of these pipe racks is already underway, scheduled to be completed in early 2020, allowing Pipenet to concurrently execute the latest awarded pipelines project in an efficient and timely manner.

Currently, Pipenet owns and operates an extensive pipeline corridor network which is strategically located on the island, with the majority stretch running along the Jurong Island Highway. The existing corridor connects the Merbau region to the Banyan and Tembusu regions on Jurong Island, and runs through the chemical cluster at the Sakra region.

The above transaction will not have any material impact on the earnings per share and net tangible asset per share of Keppel Corporation Limited for the financial year ending 31 December 2019.

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