Skip to main content

Maldives to build huge oil terminal


Maldives National Oil Company (MNOC) is planning to build a 6-million cubic metres (m³) onshore oil terminal on the one of the Maldive islands. The crude and petroleum terminal is being planned on 20 hectares of land at a total investment of $150 million, according to MNOC’s Managing Director Ahmed Muneez.

About 75% of the storage capacity will be dedicated to storing crude oil while the remaining 25% will be for clean and bunker products, said Muneez.

The terminal will have either two jetties or two Single Buoy Moorings (SBM), coupled with full blending facilities, Muneez told participants at a bunker course organised by August Energy in Singapore.

Construction work on the terminal is expected to start towards the end of this year and could take one and a half years to complete, Muneez told Bunkerworld.

Five islands have been shortlisted by MNOC for the project.

MNOC is currently inviting international fuel oil traders to commit to lease agreements of the storage capacity for the medium-term, he said.

“We’re still scouting for partners,”´ he said. “´The storage capacity will be able to sell refined products to regional markets to take advantage of arbitrage and trading plays.”

The twenty-six atolls of Maldives encompass a territory featuring 1190 islands, of which 202 islands are inhabited.

The archipelago is about 450 kilometres (km) southwest of India and 700 km west of Sri Lanka. It is known for its scenic beaches and high-end tourist resorts. – (Divehi Observer)
Labels:

Comments

Post a Comment

Popular posts from this blog

GL SLAMS ‘COLONIAL’ RIGHTS GROUPS

Sri Lanka’s foreign minister Gamini Lakshman Peiris rejected “colonial” criticism Tuesday of a government-appointed civil war probe, after foreign rights groups snubbed an invitation to attend. New York-based Human Rights Watch, London-based Amnesty International and Brussels-based International Crisis Group last week accused the panel of a cover-up and refused an offer from Colombo to appear before it. Peiris said in a speech to the International Institute for Strategic Studies, a leading think-tank based in London, that the rights groups had displayed a “most unattractive attitude.” “It smacks of an attitude that is almost colonial, patronising and condescending, the assumption being that other people must step in because Sri Lankans are unable to chart a course for their own future,” he said. Peiris, who is in London for talks with the British government, said the LLRC was based on similar reconciliation commissions in countries such as South Africa. He urged rights groups and
Post a Comment
Read more

IRRESPONSIBLE TALK BY MEMBERS COST UNP ITS VOTERS, SAYS SAJITH

The voters have distanced themselves from the United National Party (UNP) because several members had demeaned the military victories during the recently concluded war against the Liberation Tigers of Tamil Eelam, said Hambantota District parliamentarian Sajith Premadasa. Former President Ranasinghe Premadasa’s son, Sajith was addressing a meeting at Gurutalawa at the Yatinuwara electorate in Kandy last evening to raise awareness on his Jathika Jeewaya Programme. Mr. Premadasa launched this programme within three electorates in the Gampaha District last week as well. Adding further, Sajith Pramadasa said the UNP suffered erosion in its support as some had uttered irresponsible comments when the Sri Lankan armed forces were gaining victory after victory in the fight against the LTTE. When the Army captured Thoppigala, some in the UNP had said that Thoppigala was only a jungle, while some had accused the then government and the military of claiming to be advancing towards Kilinochc
Post a Comment
Read more

TNA vows civil disobedience

Sri Lanka’s main Tamil party on Saturday vowed to launch a Gandhi-style civil disobedience campaign to press a long-standing demand for regional autonomy for their ethnic minority. The Tamil National Alliance (TNA) in its manifesto for April parliamentary elections renewed its demand for extensive regional autonomy – after Tamil Tiger rebels who fought in their name were crushed last year. “If the Sri Lankan state continues its present style of governance without due regard to the rights of the Tamil-speaking peoples, the TNA will launch a peaceful, non-violent campaign of civil disobedience on the Gandhian model,” the party said. The TNA was a puppet of the Tamil Tiger rebels who were crushed by security forces in May last year after 37 years of fighting. The United Nations has said up to 100,000 people were killed in the conflict. On Saturday the alliance said it would lobby neighbouring India and the international community to ensure the island’s Tamil community -- 12.5 percent
Post a Comment
Read more