SABIC signs storage agreement with Oiltanking Stolthaven Antwerp

05 October 2010 15:04  [Source: ICIS news]

LONDON (ICIS)--Saudi Basic Industries Corp (SABIC) has signed a long-term contract with joint venture (JV) Oiltanking Stolthaven Antwerp for storage services in Antwerp, Belgium, the petrochemical giant said on Tuesday.

Oiltanking Stolthaven Antwerp - a joint venture between tank storage provider Oiltanking and Stolthaven Terminals, a business division of Norwegian shipping group Stolt-Nielsen - will supply storage with zero-emission tanks to ensure an uninterrupted supply of feedstocks to SABIC’s two major naptha cracking facilities in Geleen, the Netherlands, it added.

The agreement, planned to go into effect in 2013, was signed on Monday at the annual meeting of the European Petrochemical Association (EPCA) in Budapest, SABIC said.

“This strategic agreement is an important aspect of SABIC’s new initiative to streamline the logistics of our global supply chain, thus enabling us to respond more quickly to changing customer needs,” said Yousef Al-Zamel, SABIC’s executive vice-president of chemicals.

“At the same time, we are pursuing investments and partnerships, such as the one with Oiltanking Stolthaven, which increase the sustainability of our supply chain,” he added.

“Moreover this new business will further on strengthen our position as the main chemical hub in Antwerp, being well integrated with the surrounding petrochemical industry,” said Luc Jorissen, managing director at Oiltanking Stolthaven Antwerp.

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By: Franco Capaldo
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