Text size:

  • Small
  • Normal
  • Large

Fujairah oil storage capacity to rise by 2 million cubic metres

Oil storage capacity in the United Arab Emirates port of Fujairah is expected to rise by 2 million cubic metres this year to just over 6 mcm, port data show.

Oil storage capacity in Fujairah is expected to rise by 2 million cubic metres (mcm) this year to just over 6 mcm, port data show.

The port outside the Strait of Hormuz, a vital Gulf oil export route which Iran has threatened to block, has seen a boom in storage facility building since late 2009.

But the pace of construction has slowed over the last year, several traders said, with the looming threat of overcapacity and lower forward prices for oil making storage unattractive.

Fujairah had 4.07 mcm of oil storage capacity at the end of 2012, port figures show, with Vopak Horizon Fujairah accounting for about half.

Another 2 mcm is expected to come online in 2013, including capacity additions from existing companies such as the Emirates National Oil Company, GPS Chemoil and Socar Aurora, along with new port investors such as Gulf Petrochem.

According to data supplied by port authorities, another 2.3 mcm of storage will be added when the seventh phase of Vopak Horizon's expansion project comes online and Singapore-based Concord Energy and China's Sinopec finish their 880,000 cubic metre project.

By 2015, Fujairah's oil storage capacity is expected to rise to almost 9 mcm, according to the port.

 

* Reuters

Back to the top

More articles


Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Miele coffee maker making Cappuccino at Miele Gallery in Sama Tower in Dubai. The cost of this coffee maker is around Dh 17,000. Pawan Singh / The National

Space-age coffee comes at a price from Miele

Miele have taken the coffee machine to a new level with its Dh17,000 offering that is built into your kitchen.

 The bridge of Seajacks Hydra, as the wind farm installation vessel undergoes finishing touches and testing works at Lamprell’s Hamriyah facility in Sharjah before its planned delivery on June 2, 2014. Jeffrey E Biteng / The National

In pictures: Building the Seajacks Hydra

The Seajacks Hydra, a wind farm installation vessel, is undergoing finishing touches and testing works at Lamprell’s Hamriyah facility in Sharjah before its planned delivery on June 2, 2014.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 The rush of new supply of hotel rooms pushed Dubai occupancy rates down to 87 per cent. Sarah Dea / The National

Dubai hotel room rates rise 10 per cent

The rush of new supply pushed occupancy rates down to 87 per cent, a dip of 2.6 per cent from the previous year. Winter months are the strongest for Dubai hotels, with occupancy and prices falling to half their peaks by July.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National