IL&FS is going ahead with a planned phase II expansion project at its Fujairah terminal and has denied that it is looking for a buyer.
It has strongly rebutted news reports that it is exploring a sale of its storage terminal, saying that the news is incorrect and misrepresents facts.
It has confirmed that it is not divesting its share in the Fujairah terminal, that its occupancy level is robust and that its revenue is stable. It is also progressing with its planned expansion to be able to provide improved services to existing and potential customers.
In a statement, a spokesperson of IL&FS Maritime Infrastructure Company in Mumbai, says: ‘IL&FS Group has a long term vision for Fujairah and will continue to remain positive on the oil storage business in the region regardless of the current geo-political situation.’