Business is booming for oil storage firms across the globe as unprecedented drops in demand have pushed the futures curve into a huge contango. This is as true for firms at the UAE’s Fujairah terminal as it is elsewhere.
Located in the UAE’s easternmost emirate, Fujairah’s position on the Gulf of Oman outside the Strait of Hormuz chokepoint is strategically critical. Fujairah has boomed since it was linked to Abu Dhabi’s onshore fields through the 406km, 1.5mn b/d Adcop pipeline in 2012 (MEES, 23 July 2012) and is the region’s largest bunkering hub. (CONTINUED - 1429 WORDS)