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Fujairah Storage mulls expansion
13 November 2010: Chemoil Energy, marine fuel supplier, is likely to complete the construction and expansion of its storage facilities in Fujairah in 23 months.
The Phase IV of Chemoil's largest global storage facility is expected to be ready in time for the completion and operation of the Abu Dhabi Crude Oil Pipeline project, which will allow the United Arab Emirates to increase exports from its Fujairah terminal on the Gulf of Oman.
The new 370-km pipeline will lower shipping costs for its oil exports, as shippers charge a premium due to the higher perceived risk of entering the Straits of Hormuz. The pipeline will have a capacity of 1.5 million bpd when it is completed in late 2011.
Source: Nasdaq