The first phase of Gulf Petrochem’s US$136.4mn Fujairah Oil Terminal has been inaugurated in the UAE emirate
The terminal's first phase will see storage facilities opening for Class II petrol products such as fuel oil, gas oil and cutter stock, and the facility will eventually have a storage capacity of 412,000 cubic metres.
Gulf Petrochem said the new terminal had been equipped with state-of-the-art technology and highly-automated systems. It is being built across a site of 112,233 square metres, which includes up to 73,269 square metres of expansion capability.
Sanjeev Sisaudia, group chief executive of Gulf Petrochem, said, “The launch of the Fujairah Oil Terminal is a major breakthrough that complements our ongoing strategic growth and expansion plans, and this world-class project caters to the rapidly growing demand for storage capacity."
The project has been funded by a collection of local banks, including Abu Dhabi Islamic Bank, National Bank of Fujairah, First Gulf Bank, Al Hilal Bank and United Arab Bank.
