Singapore's JTC Corporation has found an operator for Jurong Rock Caverns, the country's first underground hydrocarbons storage facility, according to local daily The Business Times Tuesday.
The identity of the successful bidder in the tender to operate phase one of the $702 million (SGD 890 million) Jurong Rock Caverns project is expected to be revealed by JTC Corporation shortly, the Business Times said. The appointment of the facility operator, which will be awarded a 15-year contract, was originally scheduled for mid-2013.
Jurong Aromatics Corporation (JAC), which will start up its $2.4 billion aromatics complex on Singapore's Jurong Island in the second quarter of 2014, will be the first customer of Jurong Rock Caverns.
Phase one of the Jurong Rock Caverns project, which is targeted for completion in stages between 2013 and 2014, will create 51.91 million cubic feet (1.47 million cubic meters) of storage capacity for oil, including crude oil, condensates and naphtha.
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