Fujairah has appointed S&P Global Platts to distribute the Emirate’s weekly inventory data starting in early 2017 as part of its effort to position the Indian Ocean port city as a global oil trading and storage hub.
The Fujairah Oil Industry Zone recently established the Fujairah Data Committee, known as FEDCOM, to collect, verify and distribute inventory data to replicate the data sets that are provided in other global trading centres, such as Singapore and Rotterdam.
“S&P Global Platts is the leading independent provider of information and benchmark prices for the commodities and energy markets, and the 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,” His Highness Sheikh Dr Rashid bin Hamad Al Sharqi, vice chairman – FOIZ, and chairman of Fujairah Culture and Media Authority, said at the signing of the agreement.
“The idea of establishing a benchmark pricing index for the Emirate of Fujairah has been contemplated for many years and is supported by a range of considerations that qualify the Emirate to be a regional pricing centre for the petroleum products that are traded in the Gulf,” he added.
15th November 2016
