UAE-based Gulf Petrochem has opened the first phase of a major oil terminal at Fujairah with a storage capacity of 412,000 cu m.

Inaugurated by Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah, the first phase of the Fujairah Oil Terminal is able to handle Class III petroleum products such as fuel oil, gas oil and cutter stock.

Gulf Petrochem Group’s new storage terminal, constructed with state-of-the-art technology and highly automated systems, consists of 112,233 sq m, which include up to 73,269 sq m of expansion capability.

Sanjeev Sisaudia, Group chief executive, Gulf Petrochem, said: “The inauguration of this facility is a result of the vision of Ashok Goel, our founder and chairman as well as Sudhir Goyel, our managing director.”

“It will not be out of content to mention that the growth of Gulf Petrochem was certainly not possible without their dynamic leadership, clear vision and strong belief in the capabilities of our people. The launch of the Fujairah Oil Terminal is a major breakthrough that complements our ongoing strategic growth and expansion plans, and this world-class project caters to the rapidly growing demand for storage capacity.

“Moreover, the Fujairah Oil Terminal further consolidates the status of Gulf Petrochem as leading player in the oil space, while creating new possibilities to bolster our stronghold in key regional and global markets. The successful completion of the first phase of the project puts us on the right track as we move ahead with our strategy of satisfying the expanding needs of our growing global clientele,” he added.

Prerit Goel, Group director of Gulf Petrochem Group, said: “The launch of Gulf Petrochem’s new oil terminal in Fujairah has certainly generated huge interest being a landmark project that strongly supports the sustained growth of the industry, and we are excited about the road ahead as we strategically consolidate our presence regionally and internationally.

“We would like to take this opportunity to say thank you to all our strategic partners in the Fujairah project including Abu Dhabi Islamic Bank, National Bank of Fujairah, First Gulf Bank, Al Hilal Bank and United Arab Bank.” – TradeArabia News Service