Fujairah acquires minor stake in petrochem project

4 January 2012: UAE based Fujairah Petroleum Company (FPC) has signed an agreement with Gulf Petrochem Group, a leading player in the regional oil sector, to buy a 12 per cent stake in its upcoming storage terminal project in Fujairah. FPC, a subsidiary of the Government of Fujairah, said the 412,000 cu m storage terminal project is due for completion in September.

Gulf Petrochem Group is a specialist in oil trading and bunkering, oil refining, grease manufacturing, oil storage terminals, bitumen manufacturing, and shipping & logistics. Headquartered in Hamriyah, Sharjah, Gulf Petrochem operates globally with offices in India, Singapore and Europe. The Group recently opened a new Dubai office in line with regional growth plans.The new Jumeirah Lake Towers address was opened to strategically position the group within the region’s business hub.

Source: Trade Arabia