Singapore, 28 August (Argus) — UAE-based trading company Gulf Petrochem (GP) plans to start operating an oil products terminal in Pipavav, western India in early 2014.
The terminal will have total capacity of 250,000m³ (1.6mn bl), with tanks able to store a wide range of products from bunker fuel, naphtha and diesel to bitumen, methanol, base oils and vegetable oils.
The terminal is strategically located in the state of Gujarat, about 150 nautical miles north of Mumbai and with easy access to several refineries. The port of Pipavav already has jetty facilities. Denmark's Maersk is a major operator at the container port at Pipavav.
Construction of the terminal began last year, with GP investing about $70mn in the project. The company launched its first terminal in Fujairah, UAE in February this year. The terminal with a capacity of around 412,000m³ stores fuel oil and gasoil.
The company is also considering building a terminal in Malaysia or Singapore. It rents storage tanks for base oils trading and distribution in Port Klang, Malaysia. It also rents base oils tanks in Hamriyah, UAE. The company had rented a terminal in Liepaja, Latvia until July this year for trading base oils originating from the former Soviet Union.
GP has sales of around $1bn/yr. It trades oil products, bunker fuel, base oils, lubricants and bitumen. It manufactures grease and lubricants, and owns a mini-refinery and some vessels.
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