Mr Tan Chong Meng, Chairman of JTC,
Mr Ng Chee Keong, Chairman of Jurong Port, 
Distinguished Guests, 
Ladies and Gentlemen,

Good morning.

1. I am glad to officiate the opening of Jurong Port Tank Terminals (JPTT).

2. Jurong Port has completed the construction of storage tanks and jetties at these terminals and they are now ready for operations.  The construction was completed safely, on schedule and within budget.  Well done to the team.

3. Jurong Port has played a vital role in Singapore’s growth since our independence.  Over the past 50-plus years, Jurong Port has served as our maritime gateway for general and bulk cargo.  More than 15,000 vessels called at Jurong Port in the past year, supporting trade and carrying goods for Singapore’s construction, offshore marine and manufacturing industries.

Jurong Port continues to transform itself 

4. Singapore must remain competitive in creating value for our industries through our maritime and logistics capabilities.  Jurong Port has embarked on a transformation journey to position itself as Singapore’s next-generation multipurpose port.  It has widened its focus from the handling of cargo to the building of port-centric ecosystems.  These leverage Jurong Port’s existing infrastructure, and its proximity to industries and maritime expertise to connect land and seaward logistics.  As a result, Jurong Port can continue to optimise critical supply chain operations, and allow its customers to benefit from significant cost savings and faster product transfers through the port.  This is possible because of the close collaboration and support from all our customers and industry partners.

5. The opening of Jurong Port Tank Terminals is an integral part of Jurong Port’s transformation to offer a port-centric solution for Jurong Island.  Jurong Island is the centrepiece of Singapore’s energy and chemicals industry, and is currently home to over 100 refineries, crackers, petrochemical and specialty chemicals manufacturers.  As Singapore’s newest tank terminal, JPTT will strengthen Jurong Island’s storage infrastructure by offering 252 thousand cubic metres of clean petroleum product storage capacity. 

6. To optimise product transfers, JPTT had been designed with a direct pipeline connection to Jurong Island’s petroleum and petrochemical network.  This allows products to flow seamlessly between companies on Jurong Island, storage tanks at JPTT and ships berthed at the terminal.  Through this process, companies can enjoy up to 30% savings in transportation and handling costs with the pipeline connection, as they no longer need to charter vessels when transferring products from Jurong Island to Jurong Port.

7. Another benefit that JPTT brings is the increased product transfer rate compared to older generation tank terminals.  Ship loading and unloading will be up to 50% faster due to the use of large capacity pumps and jetty arms.  These operational efficiencies translate into reduced port stay times for ships and further cost savings for companies.

JPTT enhances Singapore’s value proposition as an Energy and Chemicals hub

8. With an increasing emphasis on environmental sustainability, the International Maritime Organisation (IMO) has imposed requirements for low-sulphur fuels from January 2020.  This development provides opportunities for Singapore to enhance our position as one of the world’s top bunkering ports for low-sulphur fuels.  JPTT is purpose-built to handle clean petroleum products, including bunker fuels that comply with IMO’s regulations.  The terminal has dedicated clean storage capacity, automated valves, piggable jetty lines, and dedicated tank inlet and outlet lines to prevent contamination.  With its deep-water berths and dedicated jetties, JPTT can receive Suezmax-sized vessels, which offer economies of scale when transporting liquid bulk cargo.

9. Major players in the energy and chemicals industry are recognising the value that JPTT brings to the table.  PetroChina, one of the world’s largest petroleum companies, has signed up to be the anchor customer for Phase 1 of JPTT.  When Phase 2 is completed subsequently, JPTT will be able to offer an additional 310 thousand cubic metres of clean petroleum product storage for companies, bringing its total storage capacity to 562 thousand cubic metres.

Conclusion

10. JPTT is a good example of how Jurong Port creates greater value for the industries it serves, for its customers.

11. Jurong Port’s ability to continually innovate and create value for its customers will play a crucial role in ensuring that Singapore remains competitive in attracting strong investments from key players across various industries so that we can create good jobs for our workers.  This is something which is still very fundamental and very important to us – how are we going to attract good investments, how do we stay competitive and our ports – these remain very important infrastructure to enhance our connectivity and our trade with the rest of the world.

12. Let me end by extending my heartiest congratulations to Jurong Port, Oiltanking and JTC on the successful opening of JPTT.  There is a lot more that we can do together.  With the support of our industry, partners and customers, I think the future offers a lot of potential for us to do more together.  Thank you very much everyone.