Fujairah buys key stake in petchem project
Fujairah, January 2, 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.
The agreement was signed by Dr Salem Abdou Khalil, technical advisor, Government of Fujairah, on behalf of the FPC and Harshavardhan Sinha, executive director, Gulf Petrochem Group.
Commenting on the deal, Ashok Goel, chairman of Gulf Petrochem Group, said, “The FPC participation in our project underlines the importance of the storage terminal business as a tool for socioeconomic progress in the emirate and across the region.'
Gulf Petrochem Group is a specialist in oil trading and bunkering, oil refining, grease manufacturing, oil storage terminals, bitumen manufacturing, and shipping & logistics.
'Such strategic partnerships complement our aggressive growth plans, and help us create new economic possibilities for the communities we serve. This agreement reaffirms the commitment and trust various stakeholders have in this project,' he noted.
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, said Goel.
It operates a 60,000 cu m facility in Hamriyah capable of storing various grades of oils and owns three vessels with a combined capacity of 17,000 cu m to service bulk shipments.-TradeArabia News Service