EMEA News
Gulf Petrochem's Expanded Fujairah Storage Terminal to Open by March 2017
United Arab Emirates-based Gulf Petrochem Group (Gulf Petrochem) says a $60 million project to add up to 270,000 cubic metres (cbm) to its current capacity of 412,000 cbm at its Fujairah storage terminal will be complete by March 2017, Tanker Terminals reports.
S Thangapandian, Gulf Petrochem's executive director, says part of the capacity is expected to be ready by December 2016.
"We have been growing at 50-60 percent year on year. We hope we will be able to continue the same trend for the next two to three years," said Thangapandian.
The company is reported to be trading approximately 2.5 million tonnes of fuel oil per year, and has leased floating storage in Tanjung Pelepas in Johor, Malaysia to accommodate the increased volumes.
In June, Gulf Petrochem announced plans to either acquire or develop Greenfield terminals to support its trading activity and bunkering business in India.
