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Maldives National Oil Company (MNOC) is planning to build a bunker fuel and crude oil terminal with a storage capacity of approximately six million cubic metres, according to industry sources.

The new facility, which is set to cost around US$150 million, is expected to have 25 percent of its storage capacity dedicated to storing marine fuel and clean products, with the remaining 75 percent for crude oil.

The terminal will also have blending facilities and jetties of single buoy moorings.

According to market sources, the project is planned to be built on 20 hectares of land. The location has not yet been finalised, but the Maldives National Oil Company (MNOC) is said to be considering five possible islands for the project.

Construction work on the terminal is expected to commence towards the end of 2009 and take approximately a year and a half to complete.

MNOC has already begun the process of scouting for interest from international fuel oil trading companies for firms to commit to lease agreements of the storage capacity.