Vitol Opens Florida Terminal to Increase Oil Product Supply for the U.S. Market
PORT CANAVERAL, Fla., April 29 /PRNewswire/ -- The Vitol Group today announced the opening of the Seaport Canaveral Terminal on the east coast of Florida. The state-of-the-art terminal, built at a cost of around $130 million, will deliver an independent supply of petroleum products to the state, create new jobs, and provide an important boost to the state's economy. It sits on 36 acres and is 60 miles from Orlando.
The new Vitol terminal will inject an estimated $30 million annually into the region's economy as well as $5 million in additional yearly revenues for Port Canaveral. It will create as many as 300 new direct and in-direct jobs in transportation, shipping, maintenance and service, in addition to the permanent terminal team of 30.
"The Seaport Canaveral Terminal gives Vitol a significant new capacity in its American operations, allowing us to source products from around the world and deliver gasoline and other fuel products to the U.S. market," said Vitol Inc. President Mike Loya. "Just as importantly, the terminal brings more competition to the Florida market and increases energy security for the state by providing a new, dedicated supply of oil products."
"The Seaport Canaveral Terminal will have a significant impact on the state of Florida," said Loya. "It has been the vision of Port Canaveral CEO Stan Payne and the Port Canaveral Commissioners to work with Vitol to design, build, and launch this new terminal. We could not have asked for a better partnership and are delighted to see the vision turn into reality."
Florida citizens until now have been primarily dependent on gasoline and oil supplies from the Gulf Coast and from other domestic refineries, resulting from time to time in fuel shortages when disruptions such as inclement weather have kept barges from delivering oil products. The Seaport Canaveral Terminal will help ensure a consistent supply for the region, and has been designed to meet the projected annual growth in demand in Central Florida. In addition, the new terminal will boost the port's annual funding stream, add jobs and tax revenues for Central Florida, and enhance the port's recognition as an international cargo hub.
The terminal will have a storage capacity of just under 3 million barrels of refined products in 24 tanks for gasoline, diesel, biodiesel, jet fuel, and fuel oil. It will also have transportation infrastructure for loading of barges, seagoing vessels and trucks. The terminal has two jetties and a maximum draft of 12 meters. It will also be linked to a pipeline to serve cruise ships at the Port of Canaveral.
"I am confident in Vitol's ability to compete and deliver a high quality product. The terminal is sure to benefit all involved throughout Florida and the U.S. and is another sign of Vitol's growing commitment to bringing energy to the U.S. market," said Merlin Figueira, the General Manager at Seaport Canaveral.
The Seaport Canaveral Terminal will be one of the most environmentally focused terminals in the industry. Environmental safeguards that meet or exceed both Florida and U.S. regulations have been designed into the facility. For example, air emissions are controlled by state-of-the-art equipment and systems, while containment and operational areas are constructed with impervious liners to protect the ground, aquifer and surrounding surface water from contamination.
About Vitol: The Vitol Group operates worldwide and is one of the world's largest physical oil trading groups. Vitol's main operations are based in Geneva, Houston, Singapore, Rotterdam and London. In addition to its crude and product trading businesses, it has a growing presence in the gas and power, emissions and bio-fuels markets. Vitol also has interests in various oil storage terminals, with more than 80 million barrels of storage around the world and various exploration and production projects worldwide.