A $50 million expansion of Gulf Petrochem's Fujairah terminal, adding more than 240,000 m3 of capacity, has been announced.
The storage company's terminal currently has storage capacity of 412,000 m3 with 17 tanks ranging from 13,000 m3 up to 40,000 m3.
The expansion, which is due to be completed by March 2017, will add 243,280 m3, which will increase capacity to 655,280 m3 across tanks ranking from 9,000 m3 to 37,699 m3. This addition capacity will allow the company to store Class I products.
The EPC tender is expected to go to market at the beginning of February, with the project slated to start in April 2016.
Upon completion, the group will be able to offer its customers inter tank transfer, provision for blending and mixing as well as connection to the ports terminal infrastructure to allow for inter-terminal transfers.
The terminal will have two new jetty lines and both will be connected to the matrix manifold of the Port of Fujairah and cater to black and white oil.
Prerit Goel, group director and board member, says: As a group we are extremely pleased to be in a position to be able to continue with our projects amidst a climate of low oil prices and uncertainty in the market.
'In the current climate, we continue to be largely unaffected by the ongoing price volatility due to prudent risk management practices in place and our diverse presence across the oil supply chain. This expansion is testament to those practices and measures set in place, and further compliments our strategy to enhance our standing as a global conglomerate operating in the oil space.'