- POSTED: 15 Jan 2014 15:25
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JTC Corporation (JTC) has awarded the contract to operate Jurong Rock Caverns to a consortium comprising Vopak Terminals Singapore, Geostock SAS and JURONG Consultants.
SINGAPORE: JTC Corporation (JTC) has awarded the contract to operate Jurong Rock Caverns to a consortium comprising Vopak Terminals Singapore, Geostock SAS and JURONG Consultants.
The contract will be for a period of 15 years and is worth about S$200 million.
JTC said this is a key milestone for the first phase of the Jurong Rock Caverns, which is Southeast Asia and Singapore's first subterranean hydrocarbon storage facility located at Jurong Island.
The operator will manage the ancillary and underground facilities at the Jurong Rock Caverns.
The facilities include the five oil storage caverns, underground tunnels, equipment, and supporting facilities such as jetties to transport the oil.
Bulk liquids storage company Vopak Terminals Singapore will hold a 45 per cent stake in the consortium, while international engineering firm Geostock SAS will have a 35 per cent interest.
JURONG Consultants will have the balance 20 per cent stake.
The completion of Phase 1 of the project is scheduled for the second half of 2014.