Gulf Oil and Gas accountACCOUNT

Concord & Sinopec Fujairah Terminal Ready Late 2014

Source: Reuters 1/4/2013, Location: Middle East

An oil storage terminal being built in the United Arab Emirates port of Fujairah by Singapore-based Concord Energy and a subsidiary of China's Sinopec is expected to start operations by late next year, Concord Energy said.

Asia's strong oil and oil products demand have prompted many oil producers and trading houses such as Litasco, Noble Group and Azeri SOCAR to secure oil storage rights in the Gulf region.

Construction of the tank farms is expected to start this month with commercial operations commencing in the fourth quarter of 2014, John Stuart, chief executive of Assets Group Concord Energy, said in a statement.

Concord and Sinomart KTS Development, a wholly owned subsidiary of Sinopec Kantons, each hold 50 percent of the project.

Stuart said Fujairah Oil Terminals had recently signed binding agreements with a consortium of six international banks for the provision of a $252 million senior debt facility.

Construction of the 1.155 million cubic metre terminal is expected to take 21 months.

Vessels, Tanks >>

Vessels, Tanks News in United Arab Emirates >>

United Arab Emirates >>  2/18/2020 - Petrofac Emirates has been awarded two contracts, together worth around US$1.65 billion with Abu Dhabi National Oil Company (ADNOC) in the United Arab...
Saudi Arabia >>  2/6/2020 - Saipem has been awarded several EPCI contracts in various countries around the world worth over 500 million USD. The first EPCI contract has been awar...

United Arab Emirates >>  2/3/2020 - KBR has been awarded a major Project Management Consultancy (PMC) services contract by Abu Dhabi National Oil Company (ADNOC) for the Ghasha Concessio...
United Arab Emirates >>  1/27/2020 - Eni announces a gas and condensate discovery in the Mahani exploration prospect located onshore in the Area B Concession of Sharjah (UAE), which was a...

Related Categories: Barrels & Containers  Dish Ends  General  Glass Lined Tanks  Metal Pressure Vessels  Metal Tanks  Plastic Pressure Vessels  Plastic Tanks  Steel Plates  Vessels Internals 

Related Articles: Barrels & Containers  General  Glass Lined Tanks  Metal Pressure Vessels  Metal Tanks  Plastic Tanks  Steel Plates  Vessels Internals 


United Arab Emirates Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 |

Oil & Gas Projects in United Arab Emirates >>

More News

Related Links

Gulf Oil and Gas
Copyright 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.