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Sun 27 Jun 2010 01:54 PM

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Oman Renaissance wins $45m oil storage deal

Project to build oil storage terminal at Fujairah port will take 17 months to complete.

Oman Renaissance wins $45m oil storage deal
OIL PLAN: The project will have a storage capacity of over 1 million cubic metres. (Getty Images)

UAE-based Gulf Petrochem has awarded a subsidiary of Oman's Renaissance Services a $45m contract to build an oil storage terminal at Fujairah port, Renaissance said in a statement on Sunday.

The project is expected to take 17 months to complete and will have a storage capacity of over 1 million cubic metres, it said.

Mott MacDonald has been appointed project management consultant to oversee the development, Renaissance said.

Renaissance shares traded at 0.735 rials on Sunday. (Reuters)

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