JTC Awards Contract To Hyundai Engineering & Construction For Oil Storage Project In Singapore

JTC Corporation (JTC), a provider of industrial real estate solutions and services, has handed the construction tender for the city-state's rock cavern oil storage project to Hyundai Engineering & Construction Co., Ltd. Jurong Rock Cavern (JRC) is an initiative driven by JTC to increase underground oil storage capacity on Jurong Island. JRC will comprise an oil storage complex to be built at subterranean depths beneath the seabed of Banyan basin.

Upon completion, the underground caverns will have a potential storage capacity of close to three million cubic meters catering specifically to liquid hydrocarbons like crude oil, condensates and diesel oil.

Development works for Phase 1 of JRC, with a storage capacity of about 1.5 million cubic meters, had commenced at the end of 2006. JTC is currently appointing an operator to manage, operate and maintain the JRC facility.

The first contract of the Phase 1 JRC project involving the construction of two access shafts and start-up galleries is near completion. JTC is progressing onto the next critical milestone of the JRC project -- the construction of tunnels, caverns and associated facilities.

Work will now commence with the detailed design of the caverns/facilities and actual construction is expected to start by end of the year. When completed, the JRC will have an overall storage capacity of 1.47mil cubic meters. The whole project will be completed in stages, with the first two caverns targeted for completion in 2013.