Gulf Petrochem Group is set to expand an oil terminal at Fujairah in UAE with an investment of Dh183.65m ($50m).
The expansion project is set to begin in April 2016, with completion expected in March 2017.
The expansion is aimed at increasing the terminal’s storage capabilities from the existing 412,000m³ by 243,280m³ and bringing the total capacity to 655,280m³, across tanks with capacities ranging from 9,000m³ to 37,699m³.
With the additional capacity, Gulf Petrochem will be able to store Class I products.
The Fujairah oil terminal, which was opened in February 2013, has 17 tanks ranging from 13,000m³ up to 40,000m³ and handle Class III petroleum products such as fuel oil and gas oil.
Gulf Petrochem Group director and board member Prerit Goel said: "As a group we are extremely pleased to be in a position to be able to continue with our projects amidst a climate of low oil prices and uncertainty in the market.
"Upon completion of the expansion of our terminal in Fujairah, and complimented by our existing storage facilities in Hamriyah, Sharjah and Pipavav, India, the group will boast a total capacity of over 1,100,000m³."
The storage terminal comprises 112,233m², which include up to 73,269m² of expansion capability.
In November 2015, Gulf Petrochem opened its $60m oil terminal in Hamriyah, Sharjah which comprises a total capacity of 203,888m³ across 37 tanks.
