Renish Group, a growing company in oil space, has officially launched its Hamriyah port-based storage facility, the Alaska International FZE, with higher storage capacity.

The new facility will have a higher capacity at 22 tanks as part of its continuing efforts to boost its storage ability and expand its operations in the Middle East, said a statement.

Renish Group acquired Alaska International in 2013 with just 60,000 cu m capacity for petroleum products, it said.

In just a few years, the company has increased its storage capacity to 125,000 cu m spread across its 22 tanks in light of expanding its operations in the region for base oil, bitumen, high centistokes (CST) fuel oil, Rubber Process Oil (RPO), and gas oil, it added.

Kalrav Dixit, executive director, Renish Group, said: “Acquiring and expanding Alaska International is a timely move intended to achieve our vision to broaden our reach. The facility does not act as a storage point alone but it also allows us to expand our offerings to cover every stage of the entire supply chain system.”

“It helps in blending, making bulk, breaking bulk of cargoes, and many others. Additionally, as Alaska International is based in the strategically located UAE - particularly in the Hamriyah port where opportunities for bunkering, exports and blending are immense - we will now be able to efficiently meet the requirements of leading global oil players and subsequently grow our business in this area,” Dixit added.

According to Renish Group, Alaska International’s 22 tanks are uniquely configured to handle clean and dirty products with direct connection to the outer berth with a 12 m draft and the inner berth with a 7 m draft.

Moreover, the storage facility’s dock infrastructure can handle vessels with 12.5 m draft. It is served by two oil product pipelines connecting to the main docks and two oil product pipelines from the barge dock.

Dixit continued: “Alaska International has the right capacity that can serve the various needs of our clients in the Indian subcontinent, the Red Sea, and East Africa.”

“Our company is keen to invest more in this strategic sector as we consider the oil storage industry as the key to our further advancement and development as a business organisation,” he added.

With a vision to become a global energy organisation, the Renish Group, an international energy trading company, has grown to become a $600 million company in 2017 from a $240 million company in 2012, with assets estimated at $300 million.

Owning and operating a storage terminal has allowed the Renish Group to contribute to the growing trading activities in the region. In addition, investing in the sector, which is a key growth area for the organisation, has also enabled the group to capture the structural benefits of the oil markets with regards to the forward curve and future derivatives trading, it stated. – TradeArabia News Service