(http://www.AugustEnergy.biz/, June 30, Tuesday) --- The Maldives government is inviting international oil companies to help it develop an oil storage and bunker supply business to serve ships and fishing fleet in the Indian Ocean.
The Maldives National Oil Company (MNOC) wants to team up with experienced traders or storage companies to build and operate a large crude oil terminal, as well as a floating terminal to store and distribute fuel oil and bunker fuel.
For now, the country of 1,190 islands uses gasoil and does not import fuel oil. It needs the storage terminal to jumpstart the bunker supply business, which it hopes will position it to compete against Sri Lanka, its nearest neighbour.
Speaking at August Energy’s bunker conference in Singapore last week, MNOC managing director Ahmed Muneez said the crude and petroleum terminal with the capacity to store six million cubic metres of liquids is being planned on 20 hectares of land at a cost of $150 million.
He told more than 50 delegates attending the “BUNKER INDUSTRY: Trading, Pricing & Operating Risks” conference that 75% of the proposed terminal will be used for storing crude oil while the rest will hold clean products and bunker fuel.
The terminal will be served by two jetties, two single buoy moorings (SBMs) and full blending facilities, he added.
MNOC is seeking prospective partners to engage in a joint venture, including international fuel oil traders to lease the storage capacity for the medium-term, Mr Muneez said.
“We’re scouting for partners. The terminal’s operator or user will be able to sell refined products to regional markets to take advantage of arbitrage and trading plays.”
More than 1,000 ships call at Maldives’ major ports for trade and tourism each month. MNOC seeks to tap into a demand for 7,000 to 10,000 tonnes per month of bunker fuel if these vessels can be invited to re-fuel at the Maldives.
Mr Muneez said MNOC is confident of competing against Sri Lanka, where more than 30,000 tonnes of bunker fuel is supplied to passing ships at the port of Colombo every month.
If the company succeeds in attracting an investor, it could begin construction work by year-end and complete the terminal by end-2010.
The Maldives National Oil Company (MNOC) wants to team up with experienced traders or storage companies to build and operate a large crude oil terminal, as well as a floating terminal to store and distribute fuel oil and bunker fuel.
For now, the country of 1,190 islands uses gasoil and does not import fuel oil. It needs the storage terminal to jumpstart the bunker supply business, which it hopes will position it to compete against Sri Lanka, its nearest neighbour.
Speaking at August Energy’s bunker conference in Singapore last week, MNOC managing director Ahmed Muneez said the crude and petroleum terminal with the capacity to store six million cubic metres of liquids is being planned on 20 hectares of land at a cost of $150 million.
He told more than 50 delegates attending the “BUNKER INDUSTRY: Trading, Pricing & Operating Risks” conference that 75% of the proposed terminal will be used for storing crude oil while the rest will hold clean products and bunker fuel.
The terminal will be served by two jetties, two single buoy moorings (SBMs) and full blending facilities, he added.
MNOC is seeking prospective partners to engage in a joint venture, including international fuel oil traders to lease the storage capacity for the medium-term, Mr Muneez said.
“We’re scouting for partners. The terminal’s operator or user will be able to sell refined products to regional markets to take advantage of arbitrage and trading plays.”
More than 1,000 ships call at Maldives’ major ports for trade and tourism each month. MNOC seeks to tap into a demand for 7,000 to 10,000 tonnes per month of bunker fuel if these vessels can be invited to re-fuel at the Maldives.
Mr Muneez said MNOC is confident of competing against Sri Lanka, where more than 30,000 tonnes of bunker fuel is supplied to passing ships at the port of Colombo every month.
If the company succeeds in attracting an investor, it could begin construction work by year-end and complete the terminal by end-2010.
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