World’s biggest oil Storage firm says almost all space sold

Fuel storage tanks stand at a PT Pertamina facility in this aerial photograph taken above Tanjung Priok Port in Jakarta, Indonesia on Tuesday (April 21). The world’s biggest independent oil storage company, Royal Vopak NV, said that space for traders to store crude and refined fuels has all but run out as a result of the fast-expanding glut that the Covid-19 (coronavirus) outbreak has created.

HONG KONG/SINGAPORE: The world’s biggest independent oil storage company said that space for traders to store crude and refined fuels has all but run out as a result of the fast-expanding glut that the Covid-19 (coronavirus) outbreak has created.

"The available capacity on the oil side is almost completely sold out for our terminals,” Gerard Paulides, the chief financial officer of Rotterdam-based Royal Vopak NV, said in an interview. "For Vopak, worldwide available capacity that is not in maintenance is almost all gone and from what I hear elsewhere in the world we’re not the only ones.”