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.
An agreement on forming the joint venture was signed on 9 October, the statement said.
($1 = €0.78)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections