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FINANCIAL NEWS
Gulf Petrochem to set new storage facility worth USD136.4m
04 Feb 2012
(MENAFN) Gulf Petrochem Group’s Chief Executive, Sanjeev Sisaudia, said that recently, the company inked an investment contract with Fujairah Petroleum Company (FPC), a subsidiary of the Government of Fujairah, in order to develop a storage terminal project with an investment of USD136.4 million, reported Gulf News.
Sisaudia added that the storage facility, which would be expected to complete next September, would have the capacity to hold 412,000 cubic meters of oil, adding that FPC would purchase a 12 percent stake in the project.
On the other hand, he said that the firm operates a 60,000 cubic meter facility in Hamriyah Free Zone, Sharjah, moreover, the company also has offices in India, Singapore and Europe, and it launched a Dubai office recently.
It is worth noting that Gulf Petrochem specializes in oil trading and bunkering, oil refining, grease manufacturing, oil storage terminals, bitumen manufacturing and shipping and logistics.
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