Gulf Petrochem bullish on regional oil market

The group will increase its storage capabilities by 243,280cbm bringing total capacity at its Fujairah terminal to 655,280cbm, across tanks with a capacity ranging from 9,000cbm and 37,699cbm.

Gulf Petrochem Group, a leading player in the oil industry, has announced details of its expansion of Fujairah terminal ahead of its EPC tender expected to go out to market early next week with the project set to start in April 2016.
The Gulf Petrochem Fujairah Terminal is strategically located and connects to Port of Fujairah's common matrix manifold and able to handle various vessels. It currently has a storage capacity of 412,000 cbm with 17 tanks ranging from 13,000 cbm up to 40,000 cbm, handling Class III petroleum products such as fuel oil and gas oil to name a few with 348,000 cbm dedicated to fuel oil across ten tanks.
Following the expansion, earmarked for completion in March 2017, the group will increase its storage capabilities by 243,280 cbm bringing total capacity at its Fujairah terminal to 655,280, across tanks with a capacity ranging from 9,000 cbm and 37,699 cbm.
The additional capacity to be added will enable the group to store Class I products. Upon completion, the group will be able to offer its customers, inter tank transfer ensuring seamless management of their portfolio, provision for blending and mixing as well as connection to the ports terminal infrastructure to allow for inter-terminal transfers. The terminal will house two new jetty lines, both of which will be connected to the matrix manifold of the Port of Fujairah and cater to black and white oil. Prerit Goel, group director and board member at Gulf Petrochem Group said: "As a group we are extremely pleased to be in a position to be able to continue with our projects amidst a climate of low oil prices and uncertainty in the market. Upon completion of the expansion of our terminal in Fujairah, and complimented by our existing storage facilities in Hamriyah, Sharjah and Pipavav, India, the group will boast a total capacity of over 1,100,000 cbm."
Speaking in regards to current market conditions, Prerit Goel went on to add: "In the current climate, we continue to be largely unaffected by the ongoing price volatility due to prudent risk management practices in place and our diverse presence across the oil supply chain. This expansion is testament to those practices and measures set in place, and further compliments our strategy to enhance our standing as a global conglomerate operating in the oil space."
This announcement follows the recent inauguration of Gulf Petrochem Group's $60m state of the art terminal in Hamriyah, Sharjah in November 2015. The new terminal consists of a total capacity of 203,888 cbm across 37 tanks ranging from 1,700 up to 11,200 cbm. - business@khaleejtimes.com