EMEA News
Fujairah SAFT Terminal's Phase 2 Underway
SOCAR AURORA Fujairah Terminal FZC (SAFT), the company formed for the Fujairah-Azerbaijan joint venture (JV) storage terminal outside the Straits of Hormuz, has announced Phase 2 of its 3-phase storage development is now underway.
With "the successful completion of Phase 1" meaning the facility could receive its first shipments in March earlier this year, Phase 2's completion will see 54% of the total planned capacity fully operational "on time and within budget" by Q1 2013, according to SAFT CEO Ammar Kutait.
With capacity from the first 2 phases already fully let, Ammar Kutait said Phase 3's 235,000 cubic metres, 46% of the total capacity, "will be completed during 2014" but added "our priority now is to deliver the second phase again on time and within budget."
Phase 2's $61 million funding has come from the National Bank of Fujairah and the Arab Petroleum Investments Corporation (APICORP), with APICORP providing a total $110 million in funding through the end of phase 3.
"We are delighted to have concluded these agreements and reached financial close with our banks," the company said in its press release.
SAFT's JV partners are the State Oil Company of Azerbaijan Republic (SOCAR), privately owned Swiss petroleum products investment house AURORA Progress, and the Government of Fujairah.
Upon completion, the facility will have 22 tanks for fuel oils, gasolines, naphthas, and middle distillates, and will be equipped with both tank-to-tank and in-line blending facilities.
The Port of Fujairah is providing a new multi-berth facility for the receipt and loading of oil tankers.
