Subic not a feasible oil transshipment terminal
(Manila Standard Via Thomson Dialog NewsEdge)Singapore--Subic, a former US military base in the Philippines, is not feasible enough to become a major transshipment point for oil traded within the Asia-Pacific region.
Platts Asia editorial director David Ernsberger told reporters during a visit at his office here that Subic is far from major oil buyers like Japan and Australia.
The place is not also accessible to sellers in the Middle East, like Iran, Ernsberger said.
"It's a little far from Australia and Japan and cargo vessels cannot travel back easily to Middle East, where most of oil supply is sourced," Ernsberger said.
Ernsberger said Singapore remains the most practical place to do regional trading since Singapore has enormous capacity for large cargo and shipments handling and its proximity to the markets for both buyers and sellers of oil products.
The port of Singapore is the world's second-largest container port and the busiest port in terms of shipping tonnage.
Ernsberger said the capital and financial markets in Singapore are very well developed and more conducive for oil trading.
He said, though, that Subic as an alternative transshipment point could not be discounted.
Subic is being pushed as a regional oil supply, primarily as an oil stockpiling facility. The coastal Subic Bay oil terminal, which has about 500,000 to 600,000 barrels of idle storage capacity, could be converted into an oil stockpile. Alena Mae S. Flores
Platts Asia editorial director David Ernsberger told reporters during a visit at his office here that Subic is far from major oil buyers like Japan and Australia.
The place is not also accessible to sellers in the Middle East, like Iran, Ernsberger said.
"It's a little far from Australia and Japan and cargo vessels cannot travel back easily to Middle East, where most of oil supply is sourced," Ernsberger said.
Ernsberger said Singapore remains the most practical place to do regional trading since Singapore has enormous capacity for large cargo and shipments handling and its proximity to the markets for both buyers and sellers of oil products.
The port of Singapore is the world's second-largest container port and the busiest port in terms of shipping tonnage.
Ernsberger said the capital and financial markets in Singapore are very well developed and more conducive for oil trading.
He said, though, that Subic as an alternative transshipment point could not be discounted.
Subic is being pushed as a regional oil supply, primarily as an oil stockpiling facility. The coastal Subic Bay oil terminal, which has about 500,000 to 600,000 barrels of idle storage capacity, could be converted into an oil stockpile. Alena Mae S. Flores
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