MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
mena9 hours ago
The port outside the Strait of Hormuz, a vital Gulf oil export route, has seen a boom in storage facility building since late 2009. But the pace of construction has slowed over the last year, several traders said, with the looming threat of overcapacity and lower forward prices for oil making storage unattractive.
Fujairah had 4.07 million cubic metres of oil storage capacity at the end of 2012, port figures show, with Vopak Horizon Fujairah accounting for about half. Another two million cubic metres is expected to come online in 2013, including capacity additions from existing companies such as the Emirates National Oil Company, or Enoc, GPS Chemoil and Socar Aurora, along with new investors such as Gulf Petrochem.
According to data supplied by port authorities, another 2.3 million cubic metres of storage will be added when the seventh phase of Vopak Horizon’s expansion project comes online and Singapore-based Concord Energy and China’s Sinopec finish their 880,000 cubic metre project.
By 2015, Fujairah’s oil storage capacity is expected to rise to almost nine million cubic metres, according to the port authorities.
MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
mena9 hours ago
His visit to Cairo aimed to salvage stalled negotiations mediated by Egypt, Qatar and the United States to end the conflict
world9 hours ago
The group accused Israel, which has so far refused to comment, as US denies involvement
mena9 hours ago
Hundreds of pagers belonging to the armed group exploded in Lebanon on Tuesday, killed 12 people, including two children, and wounded up to 2,800 others
world10 hours ago
They view it as a pivotal move toward fostering inclusivity and diversity in corporate structures
uae10 hours ago
Israel has not yet commented on the explosions
europe10 hours ago
The meeting saw engaging discussions on Sinomach’s strategic initiatives and ongoing projects in the region
economy10 hours ago