Global Petro Storage, Innova Refining Industries and Chemie Tech will invest in a greenfield terminal project in the Port of Hamriyah in the UAE.
The terminal, underpinned by long-term commitments, will provide services for industrial reprocessing of waste oils, trading, import and bunkering. Construction works started in October 2018 and the facility is due to be complete by late-2019.
This is GPS's first investment in the Middle East, which the company says is a key strategic hub that it plans to expand around.
GPS will hold the majority in the three-party joint venture company, GPS Innova, which will develop, own and operate the hydrocarbon storage terminal according to international standards.
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