Work is progressing on Concord Energy’s crude oil and petroleum products storage terminal in Fujairah.
The company says that the target commissioning date for the facility is mid-2018 and will have up to 1.1 million m3 of storage.
The facility, which will be known at Concord Oil Terminal, will have 400,000 m3 of crude tanks connected to the VLCC jetty in additional to 700,000 m3 of gasoil, petroleum and fuel oil tanks connected to the petroleum product jetties two and nine at the Port of Fujairah.
Concord was involved in the development of Fujairah Oil Terminal in early 2015.
Founder of Concord Energy Mr Muzayyin says that ground breaking is planned for later this year. Partial mountain clearing and land levelling works are in progress and will finish by the third quarter of 2016.
Reouf Kizilbash, MD of the terminal, says: ‘We are in discussions with several anchor customers who are showing keen interest in our crude and fuel oil tanks. A major Asian national oil company will be committing to a long-term lease for some of the crude and fuel oil storage.
‘Recently the market for petroleum storage has been growing in Fujairah and our terminal will also cater for gasoil and petroleum customers. We are designing the facility with high pumping rates, providing for more flexible tank farms, which for example can be switched between gasoil and petroleum depending on market demand.’
He adds that they are in discussions with a major play as part of plans to introduce a strategic partner to the facility.