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FINANCIAL NEWS
UAE- Fujairah to set up USD350m petroleum storage warehouses
10 Apr 2013
(MENAFN) The Crown Prince of Fujairah, Shaikh Mohammad Bin Hamad Bin Mohammad Al Sharqi, laid the foundation stone for the establishment of a new petroleum storage facility, reported Gulf News.
The warehouses will be used to store petroleum products, in addition to crude oil for the Fujairah Oil Terminal Company.
The USD350 million project, which is expected to be completed in next year’s fourth quarter, is funded by foreign and local banks.
It is worth noting that the facility will have the capacity to store 1.1 million cubic meters.
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