UAE’s Emarat has completed its oil storage expansion project at the port of Fujairah, boosting its capacity at the key Gulf of Oman terminal to 260,000 cubic metres, the fuel retailer said.
The Dh300-million ($81.68 million) expansion includes 10 new storage tanks for gas oil, gasoline and jet fuel with a total capacity of 210,000 cubic meters.
Sitting outside the strategic straits of Hormuz, Fujairah is a major bunkering hub and an emerging oil storage centre for international oil traders looking to sell more into Asia.
The 13 storage tanks now available are vital for meeting growing regional demand for petroleum products storage, trading and bunkering, Adel Khalifa Al Shaer, acting general manager of Emarat, said in a statement.
Fujairah is one of the world's top three bunkering destinations after Singapore and Rotterdam.
Emarat manages five terminals with a total capacity of 383,000 cubic metres at UAE sites such as Jebel Ali, Ras Al Khaimah and Sharjah.
Total storage capacity at the strategically-important port is now 3 million cubic meters and is expected to rise to more than 7 million cubic meters by 2012.