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FINANCIAL NEWS
Gulf Petrochem launches work at Fujairah terminal
31 Oct 2010
(MENAFN) UAE-based Gulf Petrochem said it has started building the first phase of a new 1.2 million cubic meters oil storage terminal at Fujairah port, Gulf Daily News reported.
The first phase, which is to be commissioned in the second quarter of 2012, would have a storage capacity of 412,000 cubic meters, the firm said in an emailed statement.
In June, Petrochem had awarded a $45 million contract for the first phase to Nico H ydrospace, a subsidiary of Topaz Energy and Marine, it said in a separate email. Topaz is a subsidiary of Oman’s Renaissance Services.
Petrochem has an oil terminal with 14 tanks with a total capacity of 35,000 cubic meters at Hamriyah Free Zone, in Sharjah.
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