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A new fuel storage terminal in the United Arab Emirates, Fujairah Oil Terminal FZC, was inaugurated on Wednesday by Sheikh Hamad bin Mohammed Al-Sharqi, the ruler of the sheikhdom of Fujairah.

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

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

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 Crédit 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 US$342 million.

The facility is to be 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.

At the start of the inauguration ceremony, Sheikh Hamad unveiled the foundation stone of the project and toured the terminal.

He also praised the project, referring to its positive contribution to the economic development of the emirate, and stressed the importance of striking international partnerships.

The event was attended by H.H. Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi, Crown Prince of Fujairah, and Sheikh Saleh bin Mohammed Al Sharqi, Chairman of the Department of Industry and Economy in Fujairah.