Croatia: Vitol Group to build oil terminal in Ploce port

, SEE Energy News

Future terminal in the Port of Ploce will have a total capacity of 273,000 m3, and the first phase will be finished in 2016th.

First gas society and VTTI, one of the largest operator and owner of the terminal for the storage of oil products in the world, signed an agreement on joint investment in a terminal for the storage and transshipment of oil products in the Port of Ploce.

The intention of PPD in collaboration with strong international partners such as VTTI is to jointly invest and develop a terminal for oil products in the Port of Ploce. The total investment amounts to around 125 MEUR. In doing so, VTTI which has a global portfolio of 8.7 million m3 of storage capacity, will provide professional, technical and operational support in the development of the terminal and will greatly contribute to the development of the Port of Ploce in international hub for the import and export for the whole Adriatic. Future terminal in the Port of Ploce will have a total capacity of 273,000 m3 of which 242,000 m3 is provided for storage of petroleum products and 31,000 m3 for storage of liquefied petroleum gas (LPG). From PPD say that the distribution of oil products through the terminal in Ploce will alleviate current limitations that exist with regard to infrastructure, distribution of oil and gas for the entire region. After completion, the new terminal will allow the import of LPG by sea and distribution of oil products to numerous markets in Southeast Europe. RPE is currently in the early stages of the terminal construction. The first phase of construction of LPG terminal (15,500 m3) will be in operation in mid-2017th, while the first phase of construction of warehouse space on oil products (60,000 m3) will be in operation by the end of 2016th.

The company VTTI BV is an important player in the field of storage and management of terminals established in 2006th as a joint venture between the Vitol Group, one of the world’s largest energy traders and companies MISC, the major Malaysian shipping company in which each has a share of 50%. VTTI owns and operates by 11 terminals offering a total capacity of 8.7 million m3 on five continents. VTTI BV established VTTI Energy Partners LP (listed on the New York Stock Exchange as “VTTI”)in 2014th, founded with the aim of acquiring, managing, developing and supply of refined oil products, crude oil terminal and associated energy structure. Home property consists of 11 terminals within VTTI portfolio which are strategically located in key energy hubs around the world.