Sheikh Hamad bin Mohammed Al Sharqi, the ruler of Fujairah, has officially inaugurated a new $100 million oil terminal in the emirate.
The terminal, which was built by Horizon Terminals Limited, a wholly-owned subsidiary of Emirates National Oil Company (ENOC), has a storage capacity of over 240,000 cubic metres and is directly linked to the oil tanker berths in the Port of Fujairah.
Sheikh Hamad unveiled a commemorative plaque to mark the official inauguration, news agency WAM reported.
Commencing its soft operations in 2013, the oil terminal is the 11th in the portfolio of HTL, and has 10 bays of tanker truck loading racks, associated facilities, an advanced maintenance workshop, and marine receipt and loading pump house.
It is fully equipped to meet the growing demand for storing bulk liquid oil products such as fuel oil, naphtha, gasoline, gas oil, jet fuel and LPG, among others.
Saeed Khoory, CEO, ENOC, said: "The terminal further strengthens the storage capacity offered by Fujairah, which will serve the needs of the Gulf region that accounts for nearly 50 percent of the world's crude oil reserves.
"Since commencement of soft operations, the terminal has added great value to the Emirate, by creating new jobs and supporting the ancillary sectors."
Yusr Sultan, managing director - Terminals, ENOC and the senior management of ENOC and HTL, added: "The vision of Fujairah Government to draw on its strategic location and build its competencies in oil and gas terminal operations is now a reality, and we are thankful to the Government for their support, which has energised our operations in the Emirate."
The second facility of HTL in Fujairah, the terminal is the company's sixth in the UAE. Another new terminal is being developed in Jebel Ali with a storage capacity of over 141,000 cubic metres.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.