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Construction of a new storage terminal in the port of Amsterdam is said to be progressing according to schedule.

Netherlands based North Sea Group BV and UK Company, Blue Ocean Associates Ltd. recently joined forces to create Hydrocarbon Hotel, a joint venture storage and distribution firm based in the Netherlands, which is building the new sea terminal.

The groundbreaking ceremony, which took place on September 23rd, was the official go-ahead for the construction phase of the project to commence.

The foundations of the first three tanks have already been laid and pile driving work to construct the tank pit has commenced. The terminal is expected to be operational by December 1st 2011. Once completed, the terminal will consist of 11 storage tanks with a total capacity of 140,000 cubic metres (cbm), which will be used for the export and blending of petrol and biofuels.

Netherlands-based North Sea Group is a key player in the Western European downstream oil market. The company combines storage and distribution with the international trading and sale of mineral oils and biofuels.

The group includes Dutch bunker supply firm North Sea Group Bunkering BV., formerly Frisol B.V., and Hong Kong-based North Sea Group (Hong Kong) Ltd., previously named Frisol Bunkering (HK) Ltd.