Fujairah Oil Industry Zone (FOIZ) has appointed S&P Global Platts to distribute the Emirate’s weekly storage inventory data starting in early 2017.
The data agency was awarded the mandate to distribute weekly inventory storage data as part of efforts to position Fujairah as a global oil and trading storage hub.
The published data will include an aggregate breakdown of fuel oil, middle distillates and light ends.
The FOIZ has also created the Fujairah Data Committee, to collect, verify and distribute inventory data to replicate the data sets that are provided in other hubs such as Singapore and Rotterdam.
Dr Sheikh Rashid bin Hamad Al Sharqi, vice chairman of FOIZ and chairman of Fujairah Cult and Media Authority, says: ‘S&P Global Platts is the leading independent provider of information and benchmark prices for the commodities and energy markets, and their partnership is another step forward in the right direction towards transforming Fujairah into a major global hub for the storage and trading of petroleum products.’
He explains that the vast amount of oil products stored and traded through Fujairah warrants the establishment of its own price benchmark, which will add ‘depth and stability to the regional and global markets’.
Dr Sheikh Rashid adds: ‘We are confident that the regular provision of inventory data by an independent third party will increase Fujairah’s level of transparency and credibility, which in turn will improve investor confidence and reflect positively on the Emirate’s storage and trading industry.’