Sultan al-Jaber, CEO of Abu Dhabi state oil firm Adnoc, this week highlighted the key role that Fujairah is to play in its planned move into trading. Speaking at the Gulf Intelligence Energy Markets Forum in Fujairah on 1 October, Mr Jaber said Fujairah is “a key partner for Adnoc’s growing ambitions in global energy trading. Alongside international partners, we are creating a world-class storage and trading capability, with important components based here in Fujairah.”

Mr Jaber took the opportunity to visit VTTI’s 1.6mn m³ (10mn barrel) oil storage facilities at Fujairah. Adnoc purchased a 10% stake in VTTI (Vitol 45%, IFM Global Infrastructure Fund 45%, Adnoc 10%) in August (MEES, 9 August), giving it access to the firm’s facilities across 14 countries. (CONTINUED - 345 WORDS)