TankStorageMag – Norterminal plans oil terminal Finnmark, Norway

Norterminal AS is looking to develop a strategic new oil terminal in Norway’s Finnmark, Barents Observer reports.

Norterminal plans to break ground on the NOK1.5-2 billion (€205-273 million) terminal in 2014 depending on municipal proceedings and development plans.

The terminal will be able to store 1 million m3 of crude oil in both storage tanks and caverns when it comes online. It will be able to receive between 150 and 300 tankers of up to 300,000 dwt each year with the ability to ship around 10 million tonnes of crude oil annually.

‘Development of new oilfields in the Barents Sea and the opening of new shipping lanes from Russia and Norway makes Finnmark a strategic and suitable place for interim storage of oil,’ Norterminal’s owner Jacob Stolt Nielsen was reported to have said.

‘We believe Gamneset is the best location, in Sor-Varanger. We are in a dialog with several Russian companies but we can’ yet comment on which companies it is. But the response so far has been good.’