---

Gulf Petrochem Group has announced that the first phase of its 1.2 million cubic metre storage terminal project in Fujairah is on track for completion in September 2012.

Gulf Petrochem’s Fujairah storage terminal consists of 112,233 square metre acres, which include up to 73,269 square metres of expansion capability. It currently offers a capacity of approximately 350,000 cubic metres.

"Our Fujairah storage terminal expansion follows the major success we achieved while operating our terminal in Sharjah’s Hamriyah free zone. The Fujairah terminal leverages the strategic location and infrastructure of the Fujairah port, and we expect our facility to significantly benefit our clients in the region, given our proven understanding of their commercial requirements. We will also look to leverage our market reputation of providing reliable storage solutions at competitive prices, offering tailor-made products, customised term contracts and a fully integrated fuel delivery service," said Sanjeev Sisaudia, Group CEO, Gulf Petrochem Group.

The group had earlier signed an investment agreement with the Government of Fujairah, under which the latter will buy a 12 percent stake in the terminal project.

For the first phase of the project, which will have a storage capacity of 412,000 cubic meters, Gulf Petrochem has awarded a USD 45 million contract to Nico Hydrospace, a subsidiary of Topaz Energy and Marine.

The two oil terminals at Fujairah port together offer seven berths for large tankers and 12 berths for small tankers. Terminal one has a maximum draft of 14 metres and a wharf length of 847 metres, while the second terminal has a maximum draft of 18 metres and a wharf length of 1,400 meters.

Gulf Petrochem will be exhibiting at the Argus Mideast Gulf and Indian Oil Conference 2012 from March 21 to 22, 2012 at Jumeirah Emirates Towers, Dubai. During the conference, Sanjeev Sisaudia and Prerit Goel, Director, are joining other high-profile delegates to discuss key issues affecting the regional industry.