Vopak Horizon Fujairah, partly-owned by Emirates National Oil Company (Enoc), announced on Thursday it’s increasing its storage capacity from 2.1mcm to 2.6 million by 2016.
And with this oil storage capacity in the UAE port of Fujairah is expected to rise 6mcm by 2020 to around 14 mcm, Mousa Murad, general manager of the port of Fujairah, told Reuters on Thursday.
Vopak Horizon is a petroleum storage and service company in Fujairah that currently only handles refined oil products.
“The capacity currently under construction is for crude oil, so that is a new market for us,” said managing director Cees de Greve, by phone.
Vopak Horizon, which was launched in 1999, is building five large storage tankers on reclaimed land as part of its seventh expansion phase.
The construction will be completed by the summer of 2016 and Vopak Horizon already has “contracts in place” for crude oil customers, de Greve said.
The expansion also includes the construction of jetty capable of serving Very Large Crude Carriers (VLCC). de Greve declined to comment on how much the expansion will cost or how the financing was raised.
Vopak Horzion is owned 33.3% by Enoc subsidiary Horizon, 33.3% Dutch company Vopak, 22.2% by the government of Fujairah and 11.1% by Kuwait’s Independent Petroleum Group.
Source: Gulf News