Emarat in talks to lease Fujairah storage
Dubai, September 20, 2011
UAE fuel retailer Emarat is in talks with potential investors to lease out its storage tanks in the port of Fujairah, a source familiar with the matter said on Tuesday.
'They are collecting bids, applications from companies,' the source, who asked not to be identified because he is not authorised to speak to the media said.
'There is good interest from companies,' he said, while declining to name them.
In July, Emarat said it had completed its oil storage expansion project to boost capacity to 260,000 cu m from 50,000 cu m previously.
It is not clear if Emarat plans to lease all of its 13 tanks, which could store gas oil, gasoline and jet fuel.
'The process (of leasing the tanks) could be completed by the end of the year,' the source said.
Fujairah is one of the world's top bunkering destinations, after Singapore and Rotterdam, and has emerged as an oil storage hub in a region where oil traders are looking to capture storage space to meet demand from Asia.
Another industry source said PetroChina was previously among the potential tenants for Emarat tanks but that the specifications did not suit the Chinese oil giant's needs. – Reuters
More Energy, Oil & Gas Stories
- GE Power Conversion wins major SEC order
- Basra Light crude exports to rebound in April
- Aramco to produce unconventional gas for projects
- Alstom opens smart grid centre in Dubai
- Experts discuss key geosciences issues
- Egypt to permit factories to use coal for energy
- ME oil, gas transaction value up 15pc
- Victrex to showcase new product in Paris
- Aramco JV puts off giant refinery overhaul to 2015
- Libya threatens to bomb N Korean tanker
- Bahrain 'producing 850MW of surplus power'
- 2,000 experts for Bahrain geosciences summit
- Libyan rebels start oil exports, bypassing govt
- Dubai drilling company set for London IPO
- Opec output soars on higher Iraq exports
- S Korea to pay Iran $550m under nuke deal
- Qatar LPG exports will stay unchanged till 2018
- $14bn Bahrain energy sector focus for summit
- Iraq now world's fastest-growing oil exporter
- Old IT systems pose risk to oil firms
- Thomson Reuters adds commodity monitoring tool
- Oil below $90 to hit GCC economies
- GlassPoint appoints new Oman director
- Sheffield company opens Dubai hub
- Oman targets big rise in gas output
- Intertek buys UAE firm for $66m
- Qaiwan to tender Baizan refinery EPC contract
- Al Maha wins Oman Air fuel supply deal
- Iran to become top gas importer by 2025
- UAE hydrocarbon projects seen hitting $11bn