Fauji Oil Terminal and Distribution Company (Fotco) and Trans Group are investing US$25 million in a new oil storage facility of 100,000 tons at Port Qasim, Pakistan, according to local media.
With the first phase planned for completion by March 2018, a second phase could see capacity increased to 280,000 tons for which basic infrastructure would have been developed in phase one.
“The work to be left for the second phase would be construction of more storage tanks only and nothing else. Right now, we are constructing six tanks,” said Fotco chief operating officer Hasan Sobuctageen on the sidelines of the ground breaking ceremony for the project at the port.
The facility has been named Fauji Trans Terminal Limited (FTTL), which is a joined venture between the two companies.
“The addition of storage capacity has been felt for quite a long time now … the import of gasoline has been increased by 40 percent in the past four years,” Sobuctageen said at the ceremony.
He added that vessels waiting to berth and incurring high demurrage costs was at its peak, hence the need for improved capacity.
The terminal will be integrated with the Fotco oil jetty and will also include buffer storage for motor gasoline, diesel and fuel oil to achieve the maximum discharge rates ensuring the quickest turnaround time for oil tankers calling at Port Qasim.
13th October 2016
