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Royal Vopak, Oiltanking may invest $400 Mln in Indonesia JAKARTA - The world's No. 1 and No. 2 oil storage firms Royal Vopak and Oiltanking plan to invest as much as $400 million in Indonesia, a government official said Tuesday. German Oiltanking GmbH plans to start building next month a $200 million oil storage facility in Cilegon, northwest of Jakarta, said Erie Sudarmo, the processing and commerce director at the Oil and Gas Directorate General.

Construction of the facility, which will have 300,000 metric tons in storing capacity, is expected to be completed in 2007, Erie told reporters. Dutch oil storage specialist Royal Vopak (VOPA.AS) is also seeking to set up a storage facility, which will also cost around $200 million, he said. While it has surveyed the area around Jakarta's Tanjung Priok port, Vopak is now considering other sites as Tanjung Priok is already "crowded" with oil storage, Erie said.

Vopak is also looking for a local partner for the project, he added. Worldwide, Vopak operates 72 terminals with a storage capacity of more than 20 million cubic meters in 29 countries. The two oil storage operators are boosting capacity amid rising demand for fuels and chemicals in Asia, particularly in Singapore.



Posted in Economy @ 21 December 2005 07:23 CET by Jeroen · 'Blog' RSS feed · permalink






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