The first phase of Gulf Petrochem Group’s oil storage terminal project in Fujairah is on track for completion in September 2012, according to the companys CEO.
The Fujairah storage terminal currently offers a capacity of approximately 350,000 cubic metres, which could be expanded to as much as 1.2mn cubic metres.
“For the first phase of the project, which will have a storage capacity of 412,000 cubic metres, Gulf Petrochem has awarded a US$45 million contract to Nico Hydrospace, a subsidiary of Topaz Energy and Marine,” a company statement said.
According to Gulf Petrochem Group CEO Sanjeev Sisaudia (pictured above), the terminal will leverage its strategic location of being situated in Fujairah port, which lies outside the Persian Gulf.
“[Gulf Petrochem] will offer reliable storage solutions at competitive prices, tailor-made products, customised term contracts and a fully-integrated fuel delivery service,” said Sisaudia.
The company previously signed an investment agreement with the Government of Fujairah under which the government will buy a 12 per cent stake in the terminal project.
The two oil terminals berths of Fujairah port together offer seven berths for large tankers and 12 berths for small tankers.
