The Gunvor Group along with Oiltanking GmbH (a subsidiary of Germany’s Marquard & Bahls) have announced the construction of a greenfield terminal, Oiltanking Karimun, on the island of Karimun, Indonesia. The facility that will have an initial petroleum storage capacity of 760,000 cubic metres will meet the petroleum storage needs of 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. The deal comes as a part of Gunvor’s investment and growth strategy for Asia.
