Gulf Petrochem has inaugurated its new state-of-the-art petrochemical terminal in Sharjah, the UAE
GP Hamriyah Terminal is located within Hamriyah Free Zone (HFZ) and will provide storage capacity to meet the growing demand within the region, the company said.
The new terminal was inaugurated by Saud Salim Al Mazrouei, director of HFZ Authority and Sharjah Airport International Free Zone.
The terminal will have total capacity of 203,888 cu/m with 37 tanks ranging from 1,700 up to 11,200 cu/m. Complying with International Safety and Operational standards, the new terminal will store all classes of petroleum products such as fuel oil, gas oil, base oil, bitumen, naptha among others.
GP Hamriyah Terminal also has flexibility for connecting to other key terminals in the vicinity including both inner and outer harbours of Hamriyah Port.
BM Bansal, board member at Gulf Petrochem Group, said, “Our storage terminal business has become an integral and significant business unit for the Group. Complimented by our existing storage facilities in Fujairah, the UAE and Pipavav, India, our new terminal in Hamriyah will continue to enable us to service our customers within strategically located storage and trading hubs globally.”
Speaking to Oil Review Middle East, Thangapandian Srinivasalu, executive director at Gulf Petrochem, said that there are many opportunities that look bright for the company post-Modi visit in August 2015.
According to Srinivasalu, the UAE can also look at investing in one of the largest and growing economies of the world, India, that imports around 75 per cent of its crude requirement and the Middle East nation can find a good home for its crude. He noted that there are strategic crude storages in three locations that can provide for a good opportunity for taking a stake in them to sell, store and market crude in India.
“There are excellent opportunities to invest in refineries, downstream and other energy portfolios as the Indian market is open and liberalised.
“With liberalisation of retail prices of transportation fuels, this is a good time to enter the downstream segment in India and expand the brand and network of UAE companies.”
Even with depreciating oil prices and a bleak outlook for the next year as well, Srinivasalu reiterated the fact that when crude and commodity prices are low, assets linked to them will be available at the best possible prices. This is also the right time for investments and expansion as the costs will be close to floor levels, he added.
