AEGEAN Marine Petroleum — the Greek firm that refuels ships operating out of Jamaica’s ports — may still build a land-based storage facility in Jamaica, albeit smaller than originally announced.

In a recent filing with the Securities and Exchange Commission (SEC) in the US, Aegean said it “may also consider the construction a land-based storage facility in Jamaica with a storage capacity of 80,000 cubic metres (80 million litres)”, compared to plans announced two years ago to build a 120,000 cubic metre facility.

The ultimate decision, however, appears to be hinged on the firm’s ability to “obtain adequate financing”.

In 2010, the bunkering operator disclosed that it had plans to construct the fuel storage facility in Jamaica at a cost of US$20-million ($1.74-billion).

Then, Aegean said that the strategic benefits arising from building these facilities would increase its revenue potential; strengthen its buying power; and generate incremental income by leasing storage space to third parties.

The need for a land facility arose after it sold its single hull tanker Aegean IX, which operated as its floating storage facility in Jamaica.

Aegean didn’t say what it would use as a replacement in the interim. However, the idea is to develop a land facility where it can store fuel including Marine fuel oil (MFO) and Marine gas oil and load its bunkers that supply vessels entering Jamaican waters.

In 2010, it entered into an agreement to purchase for US$9.8 million the property in Rockfort, Kingston, from which it currently operates, and where it plans to locate the facility.

Aegean said it may also consider selling the property.

The Greek firm has been authorised by the Port Authority of Jamaica to act as a physical supplier of marine petroleum products in Jamaica and it services customers in the ports of Kingston and Ocho Rios while it is not restricted to those locations.