SINGAPORE: Royal Dutch Shell has increased the storage capacity at its Bukom refinery in Singapore by nearly 1.3 million barrels by building two crude oil tanks, the company said on Thursday (Jun 6).
Shell said the project was part of its ongoing effort to improve competitiveness by investing in storage and logistics at its core refineries.
"This project positions Shell to capture stronger margins and better manage market volatility over the coming years," said Robin Mooldijk, executive vice president for manufacturing at Shell, in a statement.
"These new facilities enable us to buy more oil when market conditions are attractive," he added.
The Pulau Bukom manufacturing site is an integrated refinery and chemicals site and can process up to 500,000 barrels per day of oil.
Singapore is Shell's largest petrochemical production and export centre in the Asia-Pacific region.
The company added that demand for some oil products, including diesel, jet fuel and bitumen, is expected to increase over the next two decades as population grows and more people achieve a higher standard of living.