(EnergyAsia, November 17 2011, Thursday) — Norway’s Stolt-Nielsen has started up the first phase of its S$350 million petrochemicals tank storage terminal on Singapore’s Jurong Island. (US$1=S$1.3).

The Oslo Børs-listed company last week launched three gas spheres with the capacity to store 73,000 cubic metres (cbm) at its Tembusu site as part of a bigger plan for a total of 300,000 cbm of storage to be built by 2014.

After securing Germany’s Lanxess as a customer, subsidiary Stolthaven Terminals started construction of the terminal in June last year following a two-year delay caused by the 2008 financial crisis.

When fully operational, Stolthaven said the terminal will employ about 60 people in mainly engineering and management positions.

Walter E. Wattenbergh, President of Stolthaven Terminals, said:

“We have ambitious growth plans for Stolthaven Terminals and our investment here in Singapore is a reflection of that.  With its central location, deep water draft at all times and good trans-shipment possibilities, this new terminal significantly strengthens our service capabilities in Asia Pacific.  The excellent business environment here in Singapore was also a very important consideration for us.”

Stolthaven Terminals now operates nine terminals worldwide in addition to a network of nine smaller terminals serving Australia and New Zealand, giving it a total global storage capacity is now in excess of 3.3 million cubic meters.