Royal Vopak N.V. (Vopak) and Saudi Basic Industries Corporation (SABIC) said in a press release Wednesday they are to jointly invest in a new terminal in King Fahd Industrial Port at Jubail, Saudi Arabia, with SABIC holding 75% and Vopak 25% of the newly established joint venture entity Jubail Chemical Storage and Services Company (JCSSC), Ship & Bunker reports.
With and initial storage capacity of approximately 250,000 cubic meters, the companies said the project will serve the expansion of the petrochemical and downstream industries.
"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," they said.
Completion is expected in early 2015, and will consist of 40 commodity and specialty chemical storage tanks, complete with truck handling and ship loading facilities for 5 berths, with the capacity able to be expanded in the future.
Earlier this week Vopak said its profits for the third quarter of 2012 rose by 19 percent to €144 million ($183 million), while SABIC claimed an LNG-fueled chemical tanker first.
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