Monday, May 18, 2009

Tender on hold until 2013

090515-RockCavern No thanks to shaky economic conditions, JTC Corp has scrapped a tender seeking an operator for its underground rock cavern oil storage project and plans to reissue it around 2013. This is ‘due to the shift in the timelines of downstream projects on Jurong Island’, said a JTC spokeswoman. Today understands that some energy players — which are potential customers of the facility — have been delaying their own projects amid the downturn. JTC said it planned to re-issue the operating tender ‘nearer the completion of the first two caverns’, which date is scheduled to be 2013. The entire project, consisting of five caverns, is expected to be completed in 2014. Photo courtesy JTC

From TODAY, Business; Friday, 15-May-2009

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