The UAE’s Gulf Petrochem inaugurated on 27 February the $130mn first phase of its storage terminal project at Fujairah port in the emirate of the same name – adding 412,000 cu ms of product storage to the bustling Gulf of Oman bunkering hub. Fujairah Petroleum Company, owned by the emirate, has a 12% stake in the bunker fuel and gasoil storage project that will make use of existing loading facilities at the port.
Gulf Petrochem will retain about 10% of the storage facility for its own activities but will lease the remaining space to third party traders. About 80% of the total storage capacity has already been leased, though fuel oil and gasoil tanks are still available to customers, MEES learns. Gulf Petrochem plans to expand total storage capacity to 1.2mn cu ms by the end of 2015. The Sharjah-based company also owns a tiny refurbished refinery at the Hamriyah Free Zone in the emirate of Sharjah, where it has 25,000 cu ms of storage in addition to 35,000 cu ms of storage at the Hamriyah Free Zone port. (CONTINUED - 274 WORDS)