Fujairah’s oil storage industry is booming, buoyed by the major market upheaval sparked by Russia’s invasion of Ukraine. As global trade flows have been (and continue to be) reshaped, Fujairah’s strategic location midway between the European and Asian demand centers is a major competitive advantage.
Delegates at last week’s S&P Global Commodity Insights Fujcon conference in the emirate were all in agreement that business in Fujairah is in rude health. A huge influx of displaced Russian barrels into Fujairah has resulted in a surge in demand for storage there, with providers routinely turning away storage requests (MEES, 23 September 2022). (CONTINUED - 1205 WORDS)