Dubai Multi Commodities Centre (DMCC), Star Energy Resources and Tropicana Trading DMCC today announced the signing of a Framework Agreement to build a world-class oil products storage facility at Techno Park in Dubai. The proposed oil storage terminal will have an initial capacity of 570,000m³ and involve an estimated investment cost of around US$200 million.
The facility will store a wide range of oil products, including gasoline, diesel, jet fuel and fuel oil, as well as offering complementary services such as blending. Located near the upcoming Dubai World Central - Al Maktoum International Airport, the storage infrastructure facility is expected to service the new airport via a pipeline directly linking the two facilities.
In addition, two new oil tanker berths will be built at the western breakwater of Jebel Ali port for easy supplier access, with the capacity to accommodate tankers of up to 80,000 tonnes.
"Ensuring adequate oil storage facilities is crucial for enhancing Dubai's role as the Middle East's leading oil products trading hub and for accommodating the rapid growth of Dubai's own oil products demand, particularly its need to support a burgeoning civil aviation sector," said DMCC executive chairman Ahmed Bin Sulayem.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.