Sign up
Log in Sign up
Thu 12 Mar 2015, 12:34 GMT

Fujairah Oil Terminal inaugurated


Facility is said to have a total storage capacity of 1.177 million cubic metres.

A new fuel storage terminal in the United Arab Emirates, Fujairah Oil Terminal FZC, was inaugurated on Wednesday by Sheikh Hamad bin Mohammed Al-Sharqi, the ruler of the sheikhdom of Fujairah.

The facility is owned by the government of Fujairah, Singapore-based Concord Energy Pte Ltd and Hong Kong firm Sinomart KTS Development Ltd - a subsidiary of Sinopec Kantons Holdings Ltd.

Sinomart KTS acquired a 50 percent stake in the Fujairah storage project after agreeing to pay US$25.05 million in early 2013.

The construction of the terminal was given the green light in March 2013 after a complex loan, security and swap package for US$251,860,000 was arranged by Crédit Agricole Corporate and Investment Bank, First Gulf Bank PJSC, Maybank Investment Bank Berhad, National Bank of Fujairah PSC, Natixis, Dubai Branch and The Bank of Tokyo-Mitsubishi UFJ, Ltd, Dubai Branch.

The total cost of the project has been estimated at US$342 million.

The facility is to be used to store crude oil, fuel oil, gasoil, gasoline and jet fuel. It has a capacity of 1.177 million cubic metres and 34 reservoirs.

At the start of the inauguration ceremony, Sheikh Hamad unveiled the foundation stone of the project and toured the terminal.

He also praised the project, referring to its positive contribution to the economic development of the emirate, and stressed the importance of striking international partnerships.

The event was attended by H.H. Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi, Crown Prince of Fujairah, and Sheikh Saleh bin Mohammed Al Sharqi, Chairman of the Department of Industry and Economy in Fujairah.

Varsha Sudheer, Island Oil. Island Oil appoints Varsha Sudheer as senior trader in Dubai  

Marine fuel supplier strengthens trading platform with new hire at recently established UAE hub.
Bitoil Group logo. Bitoil Group seeks bunker trader for Dubai operations  

Dubai-based company is recruiting for a senior bunker trader role to manage global fuel sales and procurement.
Hiring concept with puzzle pieces and a magnifying glass. Uni-Fuels seeks bunker traders for new London operation  

Singapore-headquartered firm advertises position as part of UK expansion.
Hiring concept with puzzle pieces. Uni-Fuels seeks bunker traders for new Piraeus office  

Nasdaq-listed marine fuel provider advertises positions as part of expansion into Greek market.
Sleipner RoRo vessel render. Wing sails could cut fuel use by 9% on expedition cruise vessels, study finds  

Wallenius Marine and Salén Ship Management examine wind propulsion potential beyond cargo shipping.
C-Flexer RoRo vessel render. Stena RoRo orders C-Flexer RoRo vessels with battery-hybrid propulsion for 2029 delivery  

Swedish shipowner places order with China Merchants Industry for next-generation vessels designed by NAOS.
IMO Technical Seminar on Marine Biofuels graphic. IMO to host technical seminar on marine biofuels in February  

Event at London headquarters will examine recent experiences and future prospects for biofuels in shipping.
Maritime Cleantech Enabling Ammonia Bunkering seminar graphic. H2SITE to present ammonia cracking technology at Bergen maritime seminar  

Spanish firm to showcase dual-environment hydrogen production system for vessels and ports at Maritime CleanTech event.
The Arctic and black carbon graphic. Clean Arctic Alliance urges Canada, Iceland and Norway to back polar fuels proposal at IMO  

Environmental coalition calls on three Arctic nations to support Denmark-led measure on black carbon emissions.
Valenciaport and Port of Santos MoU signing. Valencia and Santos ports establish green corridor to decarbonise transatlantic trade  

Ports sign agreement to promote low-emission fuels and shore power on Europe–South America route.




 Recommended