HK-listed Sinopec Kantons plans oil storage project in Indonesia

10 October 2012 07:52  [Source: ICIS news]

SINGAPORE (ICIS)--Sinopec Kantons Holdings is planning to build an approximately 2.6m cbm crude oil and petroleum products storage and oil blending complex on Indonesia’s Batam island, the Hong Kong-listed logistic and trading company said late on Tuesday.

The $841m (€656m) project will also include supporting facilities such as a quay and port, according to a company statement.

The project will be developed, constructed, owned, managed and operated by West Point Terminal (WP), in which Sinopec Kantons will hold a 95% stake through its wholly owned subsidiary Sinomart Development, the statement said.

Indonesia’s Mas Capital Trust (MCT) will hold the remaining 5% interest of the project.

An agreement on forming the joint venture was signed on 9 October, the statement said.

($1 = €0.78)

By: Fanny Zhang
+65 6780 4359

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