By Selin Arkut
Facility to enhance Dubai's role as region's major oil products trading hub.
Jet fuel to be supplied to DWC - Al Maktoum International Airport provides additional supply security for Dubai's rapidly growing oil products demand.
Dubai Multi Commodities Centre (DMCC), Star Energy Resources and Tropicana Trading DMCC recently announced the signing of a framework agreement to build an oil products storage facility at Techno Park in Dubai.
The facility will store a range of oil products, including gasoline, gasoil/diesel, jet fuel and fuel oil. Having an initial capacity of 570 000 m³, investment costs are estimated at approximately US $200 million.
"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."
The Final Investment Decision for go ahead of the project will be subject to positive results from a front end engineering and design study, which is expected to be complete within six months time.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.