Gulf Petrochem Group to expand Fujairah terminal
February 11, 2016 5:56 pm
Gulf Petrochem Group to invest ` 340 crore (USD 50 million) towards the expansion of its Fujairah terminal
Gulf Petrochem Group, one of the leading players in the oil industry, said on 25th January 2016 that it would invest Rs 340 crore or USD 50 million towards the expansion of its Fujairah terminal to raise its capacity to 655,280 cubic metres (cbm), up from current 412,000 cbm by March 2017. The Gulf Petrochem Fujairah Terminal is strategically located and connects to Port of Fujairah’s common matrix manifold and able to handle various vessels. It currently has a storage capacity of 412,000 cbm with 17 tanks ranging from 13,000 cbm up to 40,000 cbm, handling Class III petroleum products such as fuel oil and gas oil to name a few with 348,000 cbm dedicated to fuel oil across ten tanks. Following the expansion, earmarked for completion in March 2017, the group will increase its storage capabilities by 243,280 cbm bringing total capacity at its Fujairah terminal to 655,280, across tanks with a capacity ranging from 9,000 cbm and 37,699 cbm. The additional capacity to be added will enable the group to store Class I products.
“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. Upon completion of the expansion of our terminal in Fujairah, and complemented by our existing storage facilities in Hamriyah, Sharjah and Pipavav, India, the group will boast a total capacity of over 1,100,000 cbm,” said Mr Prerit Goel, Group Director and Board Member at Gulf Petrochem Group. “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 complements our strategy to enhance our standing as a global conglomerate operating in the oil space, ” said Mr Goel. Gulf Petrochem Group one of the leading players in the oil industry, specialising in Oil Trading and Bunkering, Oil Refining, Lubricants and Grease Manufacturing, Oil Storage Terminals, Bitumen Manufacturing, Shipping and Logistics. Headquartered in UAE, and having a presence in South Asia, the Far East Asia, Africa and Europe, Gulf Petrochem has emerged as one of the well-established manufacturers and traders of petroleum products in major parts of the world.