The Port of Fujairah, key international oil storage centre, and the second-largest ship bunkering hub on the planet, is contemplating a number of choices to speculate greater than $204.9 million over the subsequent two years to broaden and improve its oil dealing with infrastructure, a senior official has stated.
In response to a WAM information company report, the announcement was made by Khalil Ibrahim, chief monetary officer of the Port of Fujairah, talking on the facet traces of the Worldwide Petroleum Week (IP Week) in London.
Ibrahim defined that the Port of Fujairah is consulting shoppers to know their enlargement plans, which might require the port to extend its personal oil dealing with capability, which at the moment stands at 700 million barrels yearly.
He additionally stated that the deliberate enlargement would purpose to extend the operational effectivity of the port and enhance the standard of its service, which is taken into account to be amongst the most effective on the planet.
“These plans are a part of the port’s long-term technique derived from the Authorities of Fujairah’s directives to all the time be forward of the market demand which finally goals to take care of the port’s standing as one of many main petroleum ports on the planet,” Ibrahim added.
The report added that the deliberate funding is a part of the Port of Fujariah’s plans to strengthen its companies, obtain milestones, assist numerous financial sectors, and supply job alternatives for UAE nationals from completely different backgrounds.
The publish Port of Fujairah plans $204.9mn investment to expand oil handling infrastructure appeared first on Middle East Construction News.
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