EMEA News
Gulf Petrochem Announces Fujairah Terminal Expansion Project to Begin in April 2016
United Arab Emirates-based Gulf Petrochem Group (Gulf Petrochem) announced in an emailed press release that the expansion of its Fujairah terminal will begin in April 2016.
As Ship & Bunker previously reported, Gulf Petrochem has plans to add about $50 million in new tankage in Fujairah, a project that has been estimated for completion by March 2017.
Gulf Petrochem says the expansion will bring the total Fujairah terminal's storage capacity to 655,280 cbm, a 243,280 cbm increase from the terminal's current capacity.
The company says that, following the completion of the expansion project, Gulf Petrochem will be able to offer inter tank transfers to its clients, enabling blending and mixing, as well as access to terminal infrastructure for inter-terminal transfers.
The terminal is also said to be set feature two new jetty lines, both of which will be joined to the port's matrix manifold, catering to black and white oil.
"As a group we are extremely pleased to be in a position to be able to continue with our projects amidst a climate of low oil prices and uncertainty in the market," said Prerit Goel, group director and board member at Gulf Petrochem.
"In the current climate, we continue to be largely unaffected by the ongoing price volatility due to prudent risk management practices in place and our diverse presence across the oil supply chain," he added.
"This expansion is testament to those practices and measures set in place, and further compliments our strategy to enhance our standing as a global conglomerate operating in the oil space."
The news of the Fujairah expansion is said to come following Gulf Petrochem's launch of a new $60 million, "state of the art," 203,888 cbm capacity terminal in Hamriyah, Sharjah in November.
The expanded Fujairah terminal, combined with the capacities of Gulf Petrochem's Hamriyah and Pipavav, India terminals, will bring the company's total capacity of over 1,100,000 cbm, says Goel.
In July, Gulf Petrochem announced the official acquisition and name change of Essar Petroleum East Africa Ltd to ASPAM Energy (Kenya) Ltd.
