EMEA News
Vopak Horizon Fujairah Adding Capacity
Another 478,000 cubic meters (cbm) of crude oil storage capacity is coming to Fujairah, Royal Vopak announced Monday.
The addition of space is the seventh phase of expansion at Vopak Horizon Fujairah Limited, featuring five storage tanks for crude oil, one manifold, and a pipeline connection to the Port of Fujairah's new very large crude carrier (VLCC) jetty.
The project will bring the facility's total capacity to over 2.6 million cbm.
The facility has signed a long-term contract with a customer for the new capacity.
Royal Vopak said the new tanks are the first crude oil tanks in the Middle East for independent storage, and that they strengthen Fujairah's position as a global hub for crude oil and oil products.
The facility is a joint venture in which Royal Vopack and Horizon Terminals Ltd each own a one-third share, while the government of Fujairah and Kuwait's Independent Petroleum Group own 22.2 percent and 11.1 percent, respectively.
"Over the years, Fujairah has firmly underlined its global credentials as one of the Top 3 oil storage hubs, next to Rotterdam and Singapore," said Saeed Khoory, CEO of Horizon Terminals' parent company, Emirates National Oil Company (ENOC).
"The addition of more storage space at Vopak Horizon Fujairah will significantly support the region's oil trade sector, and enhance the convenience of all key stakeholders by providing world-class logistics support."
The pipeline between the storage facility and the port began operations recently, allowing the facility to serve 11 tankers at once.
