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