Underground storage, a buoyant market.
"We rapidly developed one-of-a-kind expertise," says it Chairman and CEO Jean-Michel Noé. "This enabled us to build safe and cost-effective underground storage facilities for public and private sector customers."
The main advantages of this type of storage are related to their size: they are discreet but voluminous and can hold products of all types, from crude oil to butane. Such storage solutions are therefore in great demand in countries that lack natural resources, such as Japon, Singapore and South Korea, in countries that consume large amounts of energy, such as the United States, and in high-growth countries such as China and India.
"We operate in 26 countries and are now involved in a number of projects at all stages of construction, from initial site search to operation. We offer services throughout the storage life cycle,' says Jean-Michel Noé. "The excellent fit between engineering and operation that we offer is, you could say, our trademark."
Geostock won two major contracts in late 2013 and early 2014. The first covers construction of an LPG mined cavern storage in Ningbo, China with a capacity of 2 million cu. metres. The second covers the first phase of the Jurong Rock Caverns project in Singapore, Geostock is participating in the construction of first deep hydrocarbon storage site, five caverns excavated under the seafloor.