STX to build floating oil storage facility for Africa

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STX to build floating oil storage facility for Africa

STX Offshore & Shipbuilding, a Korean shipbuilder, said yesterday that it has signed a 480 billion ($430 million) contract to build an offshore oil storage facility.

Under the deal with a North African oil firm, the Korean shipbuilder will construct the so-called floating storage offloading unit and deliver the unit during the first half of 2015, the company said in a statement.

STX Offshore did not reveal the name of the buyer. The unit, measuring 324 meters (1,060 feet) long and 51 meters wide, will be able to store up to 1.5 million barrels of crude oil, according to STX Offshore. Yonhap

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