NEWS
Singapore Oil Company to Invest USD 3.5 million in
Writer
administ
Posted at
2010-12-02
According to Yonhap News,
Trafigura, a Singapore-based oil trader, will make USD 3.5 million investment in Yeosu, Jeonnam-do (South Jeolla Province).
Yeosu Mayor Kim Chung-seok, CEO Tom O’brien of Trafigura, and CEO Sim Jang-seop of Yeosu Tank Terminal signed an MOU that Trafigura will make overseas investment of USD 3.5 million and domestic investment of KRW 19 billion in Yeosu to establish a distribution facility for oil products, at Yeosu City Hall on November 11th.
Accordingly, Trafigura will build 12 oil storage tanks of 124,000 kiloliters, two lines of oil loading pipelines, and additional facilities within the site of Yeosu Tank Terminal in Nakpo-dong, Yeosu.
Trafigura is the third largest independent oil trader and the second largest independent trader in the non-ferrous concentrates market with the sales of KRW 61 trillion last year. The company has 67 offices in 44 countries.
An official of Yeosu said “they will break ground in the second half of this year, and complete the construction late next year and start the operation of facilities,” and added “if this investment is linked with the project to build an oil tank terminal, which is pushed forward by Oiltanking-KNOC Yeosu, Yeosu City will leap forward to become an oil hub.”
Source Text
Source: Yonhap News (Nov. 10, 2010)
**This is an English translation of a Korean news article.
Trafigura, a Singapore-based oil trader, will make USD 3.5 million investment in Yeosu, Jeonnam-do (South Jeolla Province).
Yeosu Mayor Kim Chung-seok, CEO Tom O’brien of Trafigura, and CEO Sim Jang-seop of Yeosu Tank Terminal signed an MOU that Trafigura will make overseas investment of USD 3.5 million and domestic investment of KRW 19 billion in Yeosu to establish a distribution facility for oil products, at Yeosu City Hall on November 11th.
Accordingly, Trafigura will build 12 oil storage tanks of 124,000 kiloliters, two lines of oil loading pipelines, and additional facilities within the site of Yeosu Tank Terminal in Nakpo-dong, Yeosu.
Trafigura is the third largest independent oil trader and the second largest independent trader in the non-ferrous concentrates market with the sales of KRW 61 trillion last year. The company has 67 offices in 44 countries.
An official of Yeosu said “they will break ground in the second half of this year, and complete the construction late next year and start the operation of facilities,” and added “if this investment is linked with the project to build an oil tank terminal, which is pushed forward by Oiltanking-KNOC Yeosu, Yeosu City will leap forward to become an oil hub.”
Source Text
Source: Yonhap News (Nov. 10, 2010)
**This is an English translation of a Korean news article.