01.06.16. Singapore-based energy trader Concord Energy is progressing with the construction of an independent 1.1 million cbm crude oil and petroleum products terminal in Fujairah.
The target commissioning date for the facility is mid-2018.
The development builds on the commissioning of the Fujairah Oil Terminal (FOT) in early 2015, where Concord Energy was the lead developer.
Constructed on 200,000 sqm the new Concord Oil Terminal will have about 400,000 cbm of crude tanks connected to the VLCC jetty with flow rates of 12,000 cbm per hour. In addition the facility will have a combination of 700,000 cbm of gasoil, gasoline and fuel oil tanks connected to the petroleum product jetties 2 to 9 at Port of Fujairah.
According to Nasrat Muzayyin, Concord Energy’s founder, demand for oil storage in the Middle East is continuing to grow and Fujairah, which is strategically located outside the Strait of Hormuz, will benefit from this growth.
Raouf Kizilbash, managing director of Concord Oil Terminal, stated: “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.
“Similar to our first project in Fujairah, we are likely to introduce a strategic partner into the venture and are currently in discussions with a major player,” he continued.
1st June 2016
