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Singapore Postponed Oil Storage Construction

The first phase of Singapore's massive underground oil storage project will be completed in four years

The first phase of Singapore's massive underground oil storage project will be completed in four years, two years later than initially planned.

Lim Hng Kiang, minister for trade and industry said last April, that the first caverns should be ready by 2009. Lim did not specifically address the apparent delay or say why the target for commissioning had changed.

A second phase that could hold another 1.3 million cubic meters also remains under consideration, Lim said.

A plan to convert the underground caverns to store oil has been under consideration for years and finally got the go-ahead last year as booming Asian oil demand, infrastructure constraints and rising trade flows created a hot market for storage tanks.