Shell is set to lease, by end-2013, 3mn barrels of storage at Vopak Horizon Fujairah’s facility at the bustling bunkering and trade hub on the Gulf of Oman, according to various media sources. Shell would not confirm the details of the agreement to MEES.

Shell’s lease underscores the growing importance of Fujairah to the industry and comes on the heels of Aramco Trading’s announcement that it had leased around 1mn barrels of liquid fuel storage at Vopak Horizon’s terminal. Aramco Trading, founded at the start of 2011, is Saudi Aramco’s products trading arm and is a wholly-owned subsidiary of the Saudi state-owned energy titan. (CONTINUED - 485 WORDS)