Subscriber note: Platts confirms Tanjung Bin addition to Singapore MOC

Following feedback to its proposal to reflect deliveries from the ATB Tanjung Bin Terminal in the southern Malaysian state of Johor in its benchmark FOB Singapore assessments for fuel oil, middle distillates and gasoline, Platts confirms that it will include the terminal in its Market on Close assessment process with effect from December 1, 2012. Platts proposed to include Tanjung Bin in a notice published on July 11. Platts will continue to review the relative value of deliveries made from southern Malaysian terminals compared with deliveries from landed storage within Singapore itself, and adjust normalization values as appropriate. Under Platts methodology, certain approved alternative locations may be used for offers of oil published during the Market on Close assessment process. The loadpoint must be clearly stated at the time of such an offer being communicated to Platts for publication. Platts currently reflects loadings from Pasir Gudang, Tanjung Langsat and from certain floating storage units in its FOB Singapore assessment process. Tanjung Bin joins those as an alternative delivery location, and will be subject to the same performance requirements and normalization processes. The terminal has five berths, with the largest able to accommodate a VLCC, with maximum draft of 17 meters. The jetty carries four, 30-inch fuel oil pipelines and an additional six, smaller pipelines for clean products. Fuel oil can be loaded at a rate of 7,500 cubic meters/hour, middle distillates at 7,000 cu m/hour and light ends at 5,500 cu m/hour. The new terminal will have an initial storage capacity of 841,000 cu m over 41 tanks, though a second stage could add an additional 820,000 cu m. Please send initial any further comments or questions to asia_oilproducts@platts.com and pricegroup@platts.com.