If you’re looking to purchase an oil storage terminal, there are several things to consider. This article will go over the investment potential of this type of property. We’ll discuss what the costs of ownership are, as well as the various modes of ownership. And, of course, we’ll discuss the benefits of owning this type of property. So, get ready to invest! Read on.
Look for the location, size, and capacity of oil storage terminals:
The location, size, and capacity of oil storage terminals are crucial to the oil industry’s logistical process. Whether they are sea-fed, inland and fed by pipeline or both, oil storage terminals have intrinsic value within the supply chain and have value for current and future owners, traders, and marketers. Some oil storage terminals have even attracted the attention of investment funds. These are all good indicators of investment potential, and there are several factors to consider when evaluating an oil storage terminal for purchase.
Be sure they are properly maintained:
Properly maintained oil storage facilities are crucial for the well-being of people, the environment, and the economy. Accidents can be devastating, resulting in economic loss and environmental pollution. Furthermore, inadequate oil storage facilities can increase the risk of secondary accidents, increasing the risk of a large disaster. Below are some factors to consider when evaluating an oil storage facility.
Consider the cost:
The costs of owning an oil storage facility are rising. Oil storage facilities are often profitable, unlike other types of oil-storage assets, such as refineries. However, the costs can be steep and require substantial capital. However, investors will find the benefits of oil storage investments compelling. Below are some of the main benefits of owning an oil storage facility. They may even inspire you to start your own oil storage business.
A thorough assessment is vital:
In addition to having an effective maintenance program, every facility should have routine visual surveys of its tanks and containment. A thorough hazard assessment should also be conducted, identifying any vulnerabilities and gaps in the current operating procedures. During an evaluation, key questions include how employees handle materials and what controls minimize risk. Employees must also receive proper training to minimize the risk of accidents. Proper management systems should also include strict procedures to prevent illegal operations, ensure the safety of employees, and be familiar with safety laws.