Port of Fujairah plans $204.9m investment to expand oil handling infrastructure
The Port of Fujairah, key global oil storage centre, and the second-largest ship bunkering hub in the world, is considering several options to invest more than $204.9 million over the next two years to expand and upgrade its oil handling infrastructure, a senior official has said.
According to a WAM news agency report, the announcement was made by Khalil Ibrahim, chief financial officer of the Port of Fujairah, speaking on the side lines of the International Petroleum Week (IP Week) in London.
Ibrahim explained that the Port of Fujairah is consulting clients to understand their expansion plans, which could require the port to increase its own oil handling capacity, which currently stands at 700 million barrels annually.
He also said that the planned expansion would aim to increase the operational efficiency of the port and improve the quality of its service, which is considered to be amongst the best in the world.
“These plans are part of the port’s long-term strategy derived from the Government of Fujairah’s directives to always be ahead of the market demand which ultimately aims to maintain the port’s status as one of the leading petroleum ports in the world,” Ibrahim added.
The report added that the planned investment is part of the Port of Fujariah’s plans to strengthen its businesses, achieve milestones, support various economic sectors, and provide job opportunities for UAE nationals from different backgrounds.