Fujairah buys part of Gulf Petrochem oil storage facility

Fujairah_GulfGulf Petrochem Group has signed an investment agreement with the Government of Fujairah's subsidiary Fujairah Petroleum Company (FPC) which sees FPC buy a 12 per cent stake in its upcoming storage terminal project in Fujairah.

Gulf Petrochem's 412,000 cu/m storage terminal project in Fujairah is due for completion in September 2012.

The agreement was signed by Dr. Salem Abdou Khalil, Technical Advisor, Government of Fujairah, on behalf of the Fujairah Petroleum Company and Harshavardhan Sinha, Executive Director, Gulf Petrochem Group, on behalf of Gulf Petrochem, Fujairah.

Ashok Goel, Chairman, Gulf Petrochem Group, said: "Participation of Fujairah Petroleum Company in our project underlines the importance of the storage terminal business as a tool for socioeconomic progress in the emirate and across the region."

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