412,000 cbm first phase is to be commissioned in the second quarter of 2012
UAE based Gulf Petrochem said it has started building the first phase of a new 1.2 million cubic metres oil storage terminal at Fujairah port.
The first phase, which is to be commissioned in the second quarter of 2012, would have a storage capacity of 412,000 cubic metres, the firm said in an emailed statement.
It added: "Subsequent phases will take the full capacity to 1.2 million cbm (cubic metres)."
In June, Petrochem awarded a $45 million contract for the first phase to Nico Hydrospace, a subsidiary of Topaz Energy and Marine, it said in a separate email.
Topaz is a subsidiary of Oman's Renaissance Services.
Petrochem has an oil terminal with 14 tanks with a total capacity of 35,000 cubic metres at Hamriyah Free Zone, in the UAE emirate of Sharjah. (Reuters)