A new petroleum industry zone is being created in the emirate of Fujairah following a decree by ruler Sheikh Hamad bin Mohammed Al Sharqi.
The zone, known as FOZ, will cater for all petroleum affairs and products and hydrocarbon industries, including oil and gas along with providing infrastructure and facilities, buildings, and administrative services to investors, the decree said.
It is slated for completion by the end of 2012, the ruler added in his announcement.
The decree also said the petroleum industry zone will "set up strategies for investment" and will organise transactions and activities relating to the issuance of approvals and licenses, state news agency WAM reported.
According to the decree, the new zone aims to "strengthen the role of the private sector and provide support to companies, research centres and the technological development in the field of petroleum industry".
FOZ will initially include 136 tanks with a storage capacity of three million cubic metres, and on completion in 2012, it will reach 262 tanks with a capacity of seven million cubic metres for the storage and export of crude oil and petroleum products.
Earlier this month, the UAE's Economic Minister more infrastructure investment was to be made in the less developed northern emirates.
Asked if the government plans additional measures in the north, Sultan bin Saeed al-Mansouri said: "Of course. There is real focus on really creating projects in the Fujairah, Ras al-Khaimah, Ajman, Umm al-Quwain area."
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