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Hyundai E&C completes 1st phase of Singapore’s underground oil cavern
By Korea HeraldPublished : Sept. 4, 2014 - 20:38
Hyundai Engineering & Construction, a leading local builder, has completed the first phase of construction of the Jurong Rock Caverns in Singapore.
It is Southeast Asia’s first underground oil storage facility for liquid hydrocarbons, the contractor said Thursday.
The $950 million Jurong Rock Caverns project is to meet the growing demand for storage for crude oil and condensate, in an island nation where industrial land is scarce.
It is located 150 meters below Jurong Island, the energy and chemicals hub on the western coast of Singapore.
“With the successful completion, Hyundai E&C has tightened its market grip in Singapore. We expect to capture an advantageous position for the second phase of the Jurong Rock Caverns project,” a company official said.
With the completion, the facility will be able to store about 9.3 million barrels of crude oil and other petrol products, according to Hyundai E&C.
It is the first underground rock cavern storage facility project that the Korean builder has clinched overseas in which it works on building the crude reserves and fuel tanker-docking and operating facilities.
During an opening ceremony Tuesday, Singapore’s Prime Minister Lee Hsien Loong said the government was mulling more subterranean projects to further the country’s position as a regional petrochemical refining and storage location.
Hyundai E&C CEO Jung Soo-hyun and Loo Choon Young, chairman of JTC Corporation, the project developer, also attended the opening event.
The builder is working on 14 projects in Singapore worth over $4.7 billion in total.
By Park Han-na (hnpark@heraldcorp.com)
It is Southeast Asia’s first underground oil storage facility for liquid hydrocarbons, the contractor said Thursday.
The $950 million Jurong Rock Caverns project is to meet the growing demand for storage for crude oil and condensate, in an island nation where industrial land is scarce.
It is located 150 meters below Jurong Island, the energy and chemicals hub on the western coast of Singapore.
“With the successful completion, Hyundai E&C has tightened its market grip in Singapore. We expect to capture an advantageous position for the second phase of the Jurong Rock Caverns project,” a company official said.
With the completion, the facility will be able to store about 9.3 million barrels of crude oil and other petrol products, according to Hyundai E&C.
It is the first underground rock cavern storage facility project that the Korean builder has clinched overseas in which it works on building the crude reserves and fuel tanker-docking and operating facilities.
During an opening ceremony Tuesday, Singapore’s Prime Minister Lee Hsien Loong said the government was mulling more subterranean projects to further the country’s position as a regional petrochemical refining and storage location.
Hyundai E&C CEO Jung Soo-hyun and Loo Choon Young, chairman of JTC Corporation, the project developer, also attended the opening event.
The builder is working on 14 projects in Singapore worth over $4.7 billion in total.
By Park Han-na (hnpark@heraldcorp.com)
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Articles by Korea Herald
