UAE-based Fujairah Petroleum Company (FPC) has signed an agreement with Gulf Petrochem Group, a leading player in the regional oil sector, to buy a 12% stake in its upcoming storage terminal project in Fujairah.
FPC, a subsidiary of the Government of Fujairah, said the 412,000 m3 storage terminal project is due for completion in September.
Gulf Petrochem Group is a specialist in oil trading and bunkering, oil refining, grease manufacturing, oil storage terminals, bitumen manufacturing, and shipping & logistics.
Headquartered in Hamriyah, Sharjah, Gulf Petrochem operates globally with offices in India, Singapore and Europe. The Group recently opened a new Dubai office in line with regional growth plans.
The new Jumeirah Lake Towers address was opened to strategically position the group within the region’s business hub.
It operates a 60,000 m3 facility in Hamriyah capable of storing various grades of oils and owns three vessels with a combined capacity of 17,000 m3 to service bulk shipments.