Sabic, Vopak launch JV for new storage terminal
Riyadh, November 20, 2012
Saudi Basic Industries Corp (Sabic), a leading petchem manufacturer, and Cutch-based tank storage service provider Royal Vopak have launched a joint venture to build a new storage terminal in King Fahd Industrial Port at Jubail.
The Jubail Chemical Storage and Services Company (JCSSC), in which Sabic holds 75 per cent and Vopak 25 per cent, will be financed from the parties’ own resources as well as through external funds.
The new facility will have an initial storage capacity of approximately 250,000 cu m. The first phase will consist of around 40 commodity and specialty chemical storage tanks, complete with truck handling and ship loading facilities for five berths, and is expected to be ready for commissioning early 2015.
This capacity can be expanded in the future, a statement said.
The investment in this industrial terminal will provide the petrochemical industry in Jubail with a critically important export facility, designed to the highest safety standards, and will enable the continued growth of the petrochemical and downstream industries in one of the largest petrochemical production locations in the world. – TradeArabia News Service