The Fujairah Oil Industry Zone (FOIZ), has signed a memorandum of understanding (MoU) with the independent data agency, S&P Global Platts, to distribute weekly inventory storage data starting 2017, reported Zawya. The published data will include an aggregate breakdown of fuel oil, middle distillates and light ends.
The purpose of the MoU is to support the emirate in its outreach to those outside the Gulf region without an appreciation of Fujairah’s growing capabilities, according to Hellenic Shipping News. This move is a part of Fujairah’s effort to position the Indian Ocean port-city as a global oil trading and storage hub. The Fujairah is considered to host the Middle East’s largest commercial storage capacity for refined oil products.
FOIZ’s Vice Chairman, Rashid bin Hamad Al Sharqi, said that the main advantage of Fujairah is its strategic geographic location outside the Straits of Hormuz, while bridging the time gap between the East and the West. Additionally, the vast amount of oil products stored and traded through Fujairah warrants the establishment of its own price benchmark which will add depth and stability to the regional and global markets. Furthermore, FOIZE has recently established the Fujairah Data Committee, known as FEDCOM, to collect, verify and distribute inventory data to replicate the data sets that are provided in other global trading centers, such as Singapore and Rotterdam.