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FINANCIAL NEWS
VTTI plans to boost oil storage in UAE’s Fujairah
01 Oct 2012
(MENAFN) Vitol Tank Terminals International unveiled plans to almost double its oil storage capacity at the port of Fujairah, Reuters reported.
A spokeswoman at VTTI, a joint venture between the world’s largest oil trader Vitol and Malaysian shipping company MISC Bhd, said work on new storage facilities construction could start by early 2014.
The company currently has 1.18 million cubic meters of storage capacity in a total of 47 tanks in the Northern emirate, which is situated just outside the Strait of Hormuz.
The Fujairah terminal is 90 percent owned by VTTI, while the government of Fujairah has a 10 percent stake.
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BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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