Jurong Island in Singapore will target its new underground oil storage facilities towards oil processing companies rather than trading businesses, JTC says.
Phase one of the project is due to be completed by 2014 and will feature 1.47 million m³ worth of storage, and currently the excavation for the five caverns are 30% complete.
This phase of the project is due to cost S$844 million (€464 million) and Jurong Aromatics has already said it will fund the first two stages of the project and with JTC leasing the area for at least 15 years.
The total complex will be made up of one 150,000m³ cavern and four caverns measuring 330,000m³, reaching 152m underground at its lowest point.
The caverns will be formed by drilling and blasting the area and the rock surfaces will be coated with a mixture called ‘shotcrete’ which is made up of steel fibres to create a stable structure.
The pump capacity of each cavern will be 12,000m³ an hour inward and 3,000m³ outwards.