Singapore's Universal Terminal, Asia's largest commercial oil storage terminal, has received its first cargoes and will make deliveries later this month as it tests the facility.
The 2.3 million cubic metre facility, which is expected to begin full commercial operations in the first quarter, received a fully-laden very large crude carrier (VLCC) containing fuel oil and middle distillates from several tankers including aframaxes and medium-ranged vessels.
'We will be conducting discharge operations and making deliveries subsequently,' Evan Lim, a director of Universal Terminal, says.
The $500 million (343 million) facility is jointly owned by Singapore trader Hin Leong, which holds a majority 65% stake, and PetroChina, which holds the remaining 35%.
The project is one of several that will boost Singapore's independent oil storage capacity by about 4 million cubic metres, or an additional 67%, by the end of 2008.
The Universal Terminal will have 73 storage tanks, two berths for very large crude carriers and 10 others capable of accommodating vessels as large as 320,000 dwt.