Commercial Property News

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Tuesday, January 08, 2024

Orkney Islands lease underground oil tanks out

Orkney Islands Council has reached agreement with bulk storage company, Dynamic, to lease underground oil tanks in Lyness on Hoy in Orkney.

These underground oil tanks were built for the Royal Navy in 1939 and were last used in 1976. The project should bring in an estimated 1.5 million revenue over 15 years to the Council from rental charges and harbour fees when the tanks are filled.

These are six underground oil storage tanks built into the hill behind Lyness. The total capacity of the concrete tanks is 120,000 cubic metres. The four principal tanks are approximately 700 feet long with a width and height estimated to be about 35 feet.

Dynamic Tank Storage Limited is a Scottish subsidiary of Dynamic Storage AB, a Swedish based bulk storage company. They will refurbish the tanks. The potential users include some of the European State oil reserve agencies that will use the tanks to store oil as strategic reserves.

The oil tankers will use a deep water berth which is connected by an underground pipe to the storage tanks.