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FINANCIAL NEWS
New oil terminal operational in Fujairah
01 Mar 2014
(MENAFN) A USD100 million oil terminal has been officially inaugurated in Fujairah, UAE, Arabian Business reported.
The terminal has a storage capacity of 240,000 cubic meters and will be linked to the oil tanker berths in the Port of Fujairah.
CEO of Emirates National Oil Company (ENOC) said: “The terminal further strengthens the storage capacity offered by Fujairah, which will serve the needs of the Gulf region that accounts for nearly 50 percent of the world’s crude oil reserves.”
The terminal was constructed by Horizon Terminals Limited which is wholly-owned by ENOC.
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