SHELL said on Thursday night that it has increased the storage capacity at its Singapore Bukom refinery by nearly 1.3 million barrels by building two large crude oil tanks.
By increasing storage capacity at Pulau Bukom, Shell will have greater flexibility in optimising its oil trading activities. The move is also to improve competitiveness through storage and logistics investment at its core refineries, due to expected increases in demand for oil products in the region and globally over the next two decades.
According to Shell, Singapore is its largest petrochemical production and export centre in the Asia-Pacific region. Similarly, it is also investing in storage and logistics for its other large, complex and integrated sites in Rotterdam and the US Gulf Coast.
Robin Mooldijk, executive vice-president for manufacturing at Shell, said the new facilities will allow Shell to buy more oil when market conditions are attractive.
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