The United Arab Emirates (UAE) has opened a very large crude carrier (VLCC) jetty in Fujairah on the east coast, lying along the Gulf of Oman. The project’s total cost was about $177m, according Gulf News.
The project will allow Fujairah terminal to receive giant ships laden with crude oil in a range capacity of 260,000t, the equivalent of 2mb/d over a 7-day week schedule, reported Indrastra.
T. Srinivasulu, a director with Gulf Petrochem, which owns storage terminals in Fujairah and Sharjah, said : “the VLCC jetty has the potential to put Fujairah in the top bracket on crude trade front too. It will open up potential to export crude from the Middle East.” Furthermore, heavy South American crude cargos are expected to come into Fujairah via VLCCs, the bulk of which will supply refineries in and around the Indian Subcontinent, making the terminal a prominent Bulk and Break Bulk location for crude in the future.
The UAE is one of the largest producers of oil in the world with output averaging about 2.8mb/d, with most of the oil being exported to markets in Asia. The country is intending to increase its production to 3.5mb/d in the coming years to increase its market share.