Trafigura has received its first gas oil cargo at its 400,000 m³ oil storage terminal in Malaysia.
The first phase of the Tanjung Langsat 130,000 m³ capacity terminal project is for clean oil products, mainly naphtha and middle distillates. Phase 2, adding 270,000 m³ of capacity, is slated for fuel oil storage and is expected to be completed by March 2010.
The terminal development is a joint venture between Trafigura's subsidiary Puma Energy, MISC Group and Dialog Group.
Trafigura currently has about 250,000 m³ of storage for clean oil products, mainly petrol, in Singapore. The trader also operates part of a floating storage facility the 265,000-tonne Titan Mercury offshore Malaysia.
Trafigura intends to spend $400 million (272 million) over the next two years to double storage capacity in order to boost trading operations in emerging markets.
The investment is aimed at doubling storage capacity in Africa, Malaysia, the Caribbean and the Middle East to 25 million barrels over the next two years.
Trafigura currently leases and owns storage capacity totalling about 30 million barrels worldwide, with less than one-third in Asia.