Mahin Siddiqui, associate at Gulf Intelligence, examines how the second and third ranked oil trading hubs compare and how Fujairah is well on the way to overtaking Singapore to second place
Ranking third in international oil trading hubs, Fujairah has ambitious plans to climb to second place. The small UAE Emirate has come a long way from being a Bedouin beach to becoming a regional oil trading destination by increasing storage capacity from 2 million m3 to 8.7 million m3 in the space of 10 years.
Last year Salem Abdo Khalil, advisor to the Government of Fujairah, confirmed projects to increase capacity to 13 million m3 to be well underway – an impressive feat for the Indian Ocean port city, which was previously employed to refuel ships after the first Gulf War in the 1990s. Currently, the emirate is well-positioned to dethrone Singapore as the second largest storage hub.
Fujairah is blessed with what Singapore is not. Geographicall...