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FINANCIAL NEWS
Sinopec, Concord Energy to construct oil storage facility in UAE
17 May 2012
(MENAFN) China’s oil ginat SInopec and Singapore-based Concord Energy will join hands in an oil storage facility project in the UAE port of Fujairah, Reuters reported.
The need to build oil storage facilities in the Gulf state, as an alternative way to skip the Strait of Hormuz, increased as tensions rise over Iran’s controversial nuclear programme.
Sinopec estimated the total investment in the project at approximately USD303.8 million, adding that the port of Fujairah is a strategic location for the future energy transportation.
The total capacity of the oil storage will be 1.125 million cubic metres and around half of this will be leased to Sinopec.
Asia’s strong oil and oil products demand have prompted many oil producers and trading houses such as Litasco, Noble Group and Azeri Socar to secure oil storage rights in the Gulf region.
Also, the threats from Iran to block the strait made the oil-related companies push for bunkering volumes higher in Fujairah, making the port one of the top three bunkering hubs in the world along with Singapore and Rotterdam.
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