The Torbjorn Tornqvist-led company said the new facility was designed to meet “continuing Asian demand growth”.
The facility, which will have an initial petroleum storage capacity of 760,000-cbm, will meet the incremental petroleum storage needs of greater Singapore.
Oiltanking Karimun will be managed and operated by Oiltanking as an independent commercial storage facility.
Gunvor will take a minority equity stake and rent part of the capacity.
