New Delhi: Gulf Petrochem Group, a leading player in the oil industry on Monday announced an investment of 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.
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,” said Group Director and Board Member at Gulf Petrochem Group, Prerit Goel.
“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,” added Goel.
He also added that the expansion is a 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.
Upon completion, the group will be able to offer its customers, inter tank transfer ensuring seamless management of their portfolio, provision for blending and mixing as well as connection to the ports terminal infrastructure to allow for inter-terminal transfers. The terminal will house two new jetty lines, both of which will be connected to the matrix manifold of the Port of Fujairah and cater to black and white oil.
This announcement follows the recent inauguration of Gulf Petrochem Group’s USD 60m state of the art terminal in Hamriyah, Sharjah in November 2015. The new terminal consists of a total capacity of 203,888 cbm across 37 tanks ranging from 1,700 up-to 11,200 cbm. (ANI)