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Concord Energy to move ahead with second Fujairah terminal

23 May 2016 12:39 GMT

New UAE storage facility would have a total storage capacity of 1.1 million cubic metres.



Singapore-based Concord Energy Pte Ltd is to construct a second storage terminal in Fujairah - the Middle East's leading bunker hub, The Business Times reports.

The new facility, Concord Oil Terminal, will have a total storage capacity of 1.1 million cubic metres (cbm) and be able to store around 700,000 cubic metres (cbm) of gasoil, gasoline and fuel oil, and 400,000 cbm of crude oil, with flow rates of 12,000 cbm per hour.

Partial mountain clearing and land levelling works are in progress and are scheduled to be completed by the third quarter of 2016. Concord Energy is due to start engineering, procurement and construction (EPC) works in October, and the target commissioning date for the facility is mid-2018.

Reouf Kizilbash, managing director of Concord Oil Terminal, was quoted today as saying: 'We are in discussions with several anchor customers who are showing keen interest in our crude and fuel oil tanks. A major Asian national oil company will be committing to a long-term lease for some of the crude and fuel oil storage.

"Recently, the market for petroleum storage has been growing in Fujairah and our terminal will also cater for gasoil and petroleum customers. We are designing the facility with high pumping rates, providing for more flexible tank farms, which for example can be switched between gasoil and petroleum depending on market demand."

Fujairah Oil Terminal FZC

Concord Energy's existing Fujairah terminal, Fujairah Oil Terminal FZC, was inaugurated in March 2015.

The facility is owned by the government of Fujairah, Concord Energy Pte Ltd, private equity company Prostar Capital, and Hong Kong firm Sinomart KTS Development Ltd - a subsidiary of Sinopec Kantons Holdings Ltd.

Sinomart KTS bought a 50 percent stake in the Fujairah storage project after agreeing to pay US$25.05 million in early 2013.

Prostar acquired an initial 18.6 percent stake in the UAE terminal in late 2013, and this was later increased to 40 percent in August 2015.

The construction of the terminal was given the green light in March 2013 after a complex loan, security and swap package for US$251,860,000 was arranged by Credit Agricole Corporate and Investment Bank, First Gulf Bank PJSC, Maybank Investment Bank Berhad, National Bank of Fujairah PSC, Natixis, Dubai Branch and The Bank of Tokyo-Mitsubishi UFJ, Ltd, Dubai Branch.

The total cost of the project has been estimated at over US$340 million.

The facility is used to store crude oil, fuel oil, gasoil, gasoline and jet fuel. It has a capacity of 1.177 million cubic metres and 34 reservoirs.




Related Links:

Prostar Capital increases stake in UAE terminal
Fujairah Oil Terminal inaugurated
'Successful' financing of Fujairah Oil Terminal
Sinomart completes purchase of 50% interest in Fujairah Oil Terminals
Fujairah
United Arab Emirates

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