PetroChina in Talks to Store Oil in Fujairah

Source: Reuters 3/21/2011, Location: Middle East

The sources told Reuters that the company PetroChina, the oil giant is in talks with the Government of Fujairah to build facilities to store oil in the port of the emirate.

The sources said the PetroChina's second-largest oil company in the world in terms of value, behind Exxon Mobil is looking to build a storage capacity of up to one million cubic meters in the port, the United Arab Emirates.

The source said on condition of anonymity, "in front of them (PetroChina) are two options. They can build their own or they can work with the other party is not yet clear what is their choice."

Trade sources said that among the potential partners for PetroChina, if the company decided to take a partner Vopak Horizon Fujairah - a joint venture between Royal Dutch Vopak and Horizon Terminals Ltd and the Government of Fujairah - and Independent Petroleum Group of Kuwait.

And international oil companies are racing to win the card to store the oil around the world and are a prime location of Fujairah existence outside the sensitive Straits of Hormuz, a major storage center in the Middle East.

The source said: "PetroChina is working with the Government of Fujairah." He said he has not been set a deadline to take the oil giant of East Asia, a decision on the way forward, but added that intense competition may speed up the process.

"I'm confident they will make a quick decision. There is great interest now in Fujairah and will be under pressure to take a quick decision."

It was not possible to immediately contact PetroChina for comment.

The port, which aspires to become a major center for the supply of ships as well as Singapore and Rotterdam to repeat the experiment at the level of oil storage by increasing capacity more than doubled to reach more than seven million cubic meters by 2012 from three million.

The port official said, "China is a big market and the advent of the Chinese to Fujairah is very important to us. We expect more Chinese companies here."

He added that talks were still at an early stage with other Chinese firms, but gave no details.

PetroChina seeks diligently behind the opportunities around the world for the expansion of global trade network and the purchase of refineries.

Was opened by the trading desk in Dubai in 2010.

In early 2010 the company obtained through the intensity of the China Oil Trade and foreign investment arm of PetroChina International on the storage capacity by about five million barrels in the Caribbean was chartered by the Saudi Aramco.


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