Eric Watkins
Senior Correspondent
LOS ANGELES, Feb. 14 -- PetroChina has agreed to take a 35% stake in an oil storage facility under construction in Singapore. Hin Leong Trading (Pte.) Ltd. owns the rest.
Hin Leong broke ground Jan. 4 for the $455 million Universal Terminal on Singapore's Jurong Island. The facility has a design capacity of 14.5 million bbl and is expected to be operational by the end of 2007. It will be the first independent oil terminal in the region with berths for two very large crude carriers.
Singapore's Rotary Engineering Ltd. and Australia's Penta-Ocean/McConnell Dowell joint venture are building the terminal and jetties.
Contact Eric Watkins at [email protected].