State-backed Emirates General Petroleum Corp has boosted storage capacity for oil products in Fujairah, the company has said.
The firm, also known as Emarat, has raised its capacity more than five times to over 260,000 cubic metres, it said in a statement on its website. It also added a further 50,000 cubic metres of storage to lease to customers at a cost of AED300m ($81.7m)
The UAE federal government in June raised the capital of the indebted fuel retailer by 50 percent to AED9bn allowing it to borrow to equivalent of up to 50 percent of its capital.
The retailer has around AED1.9bn of debt as fuel subsidies imposed on petrol prices in the UAE hit its profits.
Fujairah is one of the world’s top three bunkering destinations after Singapore and Rotterdam.
Emarat manages five terminals with a total capacity of 383,000 cubic meters at UAE sites such as Jebel Ali, Ras Al Khaimah and Sharjah.
Total storage capacity at the strategically-important port is now 3 million cubic meters and is expected to rise to more than 7 million cubic meters by 2012.
* Additional content from Reuters
Follow us on
