Friday, May 27, 2005

New Oil Terminal in Algeciras

A Russian-linked company plans to build a new oil terminal in the Port of Algeciras, in a move that will intensify competition in the ship re-fuelling market in the Bay of Gibraltar.

The proposal, which was accepted by the port’s administrative board yesterday, foresees construction of a storage terminal and jetty covering 6 hectares of land reclaimed as part of the ongoing Isla Verde Exterior expansion.

But the developers behind the project still have to obtain environmental approvals before construction work can start.

If it gets the green light, the project, known as Alpetrol Terminal, will be carried out in three phases and will cost a total of 44 million Euros.

Lia Oil, part of Russia’s Alliance Oil Company, will own a 70% stake in the terminal, with Vilma Oil holding the remaining 30% share.

Once completed, the terminal will offer 300,000 cubic metres of storage capacity for liquid bulk products, primarily fuel oil for ships.

According to the port authority, US-based Chemoil Corporation would then supply products from Alpetrol Terminal to ships calling at Algeciras.

Chemoil Corporation is the largest supplier of marine fuels in the Americas but has been expanding in Europe and Asia over the past five years.

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