Storage capacity for petroleum could increase by 75% in the next 15 years at the Port of Fujairah as tank operators continue to expand within the facility.
Mousa Murad, general manager of the port, said that tank storage capacity will reach 14 million m3 by the end of the decade. Currently, capacity at the port is expected to reach 8.67 million m3 by the end of the year with extra capacity delivered by Aegean, Concord, Prime Star IL&FS and METS.
Murad was speaking at the launch of the Black Pearl project – the seventh expansion phase of storage by Vopak Horizon Fujairah.
The project will add an extra 480,000 m3 to the tank operator’s current 2.1 million m3 capacity by the mid-2016.
The five tanks will be the first dedicated to storing crude oil in Fujairah, which only has storage for refined products.
A jetty to accommodate VLCCs is being built at the port to lift crude from the tanks being built by Vopak. It is expected to be complete by March 2016.
Murad said that other companies had shown interest in building tanks at Fujairah. ‘Tank operators are studying and considering building special tanks for crude,’ said Murad.
‘If that happens and the studies are feasible, they will approach us to build another VLCC jetty.’