Delays in the construction of Sinopec’s storage terminal in Indonesia have been attributed to slow demand for tank space.
According to Reuters, the $850 million (€759 million) facility in Batam, Indonesia has been slated to be south east Asia’s largest and was originally due to be complete by mid-2016. The project has been described as helping Sinopec’s trading opportunities in Singapore.
Reuters has reported an industry source saying there is not enough demand in the region.
The facility will store 1.9 million m3 of crude and fuel oil. It is to be developed by Sinopec Kantons Holdings, a subsidiary of Sinopec.