Logistics and transportation company Toll Group (ASX: TOL) announced today the official opening of its $300 million offshore petroleum supply base in Loyang, Singapore.
The site was first acquired by Toll Group in 2006, and received regulatory approval for major development in 2008. The company has been busy over the last five years, redeveloping its facilities into a world-class supply centre for marine and offshore oil and gas companies in Southeast Asia.
“The 32 hectare site is actually 40 per cent smaller than the previous facility, and part of our S$300 million investment was put towards maximising the use of land to achieve this,” said Managing Director Brian Kruger today. “In addition, [the facility]’s proximity to Changi Airport makes it an excellent interface between air, land and sea for our customers. As a result we can now offer a broad range of services that capitalises on our expertise as the leading provider of integrated logistics in the Asia Pacific region.”
In addition to its direct profit potential, the centre’s completion marks an important milestone in Toll Group’s government partnerships. “This redevelopment demonstrates the strong partnership between industry and the government to develop innovative solutions that encourages operational efficiency,” noted Singapore Economic Development Board Executive Director Lim Kok Kiang.
The facility will operate 24 hours a day, seven days a week, and is capable of simultaneously serving 11 large vessels at once. Most recent reports indicate that over 130 corporations currently use Toll Group’s new supply base.
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