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FINANCIAL NEWS
Aqaba inks deal to triple capacity of oil port
27 Oct 2016
(MENAFN) The Aqaba Development Corp. (ADC) has signed a deal to triple the capacity of its oil port.
Furthermore, the JD8.3mn deal entails the expansion of the Southern Industrial Zone oil terminal”s receiving ability from 50mn barrels to 150mn barrels a year.
In addition, the agreement will save the government almost JD8mn a year in fines paid to oil vessels forced to wait to unload their shipments.
Accordingly, the project will boost the competitiveness of the port, while oil vessels will be able to unload their shipments faster.
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