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FINANCIAL NEWS
Ajman’s DFT invests USD19.05m fuel storage plant
11 Jan 2015
(MENAFN) Directions Fuel Trading (DFT), a member of the UAE conglomerate Khushi Group, said that it has invested USD19.05 million on its newly opened fuel storage and processing tank farm at Al Jurf Industrial Area in Ajman, Khaleej Times reported.
DFI, which handles more than 500,000 gallons of fuel per day, said that the new storage and fuel processing facility has six tanks large enough to store 10.000 metric tona of gasoil and furnace oil, adding that the new facility is expected to support the expansion of the group’s USD544.35 million fuel trading business.
“Our investment amid falling crude prices reflects our belief in the UAE economy. Despite volatility in the global crude oil prices, the gasoil and fuel oil market will continue to grow in the UAE due to its reduced reliance on hydrocarbon and continued activities in the construction, transport, logistics, infrastructure and industrial development main sectors that consume fuel oil and gasoil,” chairman of Khushi Group said.
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