VTTI Fujairah Terminal is embarking on a major new expansion project, after having signed a long-term, exclusive storage and rental agreement with a major energy company.
As part of the contract, VTTI FTL will construct a new, 430,000 cbm tank farm.
VTTI FTL, which already has almost 1.2 million cbm of storage, will now also provide operational and logistics resources for the customer’s on-site processing.
Siavash Alishahpour, general manager at VTTI FTL, commented: “This contract and associated expansion project is the positive outcome of very detailed and exciting negotiations between two parties in the energy industry. We were able to meet successfully all requirements given to us which is testament to our team’s ability to understand the needs of major global customers and to present them with practical and commercial solutions.”
It is expected that the project, VTTI’s largest for two years, will be ready for commissioning in 2016.