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FINANCIAL NEWS
Dubai’s Enoc to boost fuel storage in Fujairah
06 Jan 2011
(MENAFN) Saeed Khoory, Chief Executive Officer at Emirates National Oil Co. (Enoc), said that it plans to boost refined oil products storage capacity in Fujairah, for trading and local supply, Bloomberg reported.
Enoc, a government-owned refiner, which has its own tanks in ports in Dubai and Fujairah, is part of a joint venture named Vopak Horizon Fujairah Ltd; with Dutch storage terminal operator; Royal Vopak in the Fujairah facility.
The mentioned joint venture is bolstering capacity from 1.5 million cubic meters, to 2.1 million cubic meters, by adding tanks by the end of 2011, explained the CEO, and Enoc, uses the tanks run by the Vopak Horizon venture for fuel trading, and to store and blend fuel for domestic use, he added.
Khoory also revealed that Enoc, which currently has 200,000 cubic meters of storage capacity for oil products in the Fujairah port and 2 million cubic meters of storage volume in Dubai’s Jebel Ali port, may add about 250,000 barrels of additional storage capacity to the tanks it runs on its own within two years.
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