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Thu 20 Aug 2009, 09:29 GMT

Total leases Fujairah fuel oil storage


European oil major eyes new business opportunities in East Africa and Southern Asia.

Oil major Total has leased fuel oil storage at the port of Fujairah as part of its plan to expand its fuel oil business in East Africa and Southern Asia, Reuters reports.

Totsa - the international trading arm of Total, is understood to have signed a lease to store between 75,000-100,000 cubic metres of residual fuel oil.

The European oil firm is said to be eyeing new business opportunities in flourishing markets like Pakistan and East Africa.

Demand for electricity in Kenya - East Africa's largest economy - is increasing by around 8 percent per year due to a growing economy and population. The country is currently suffering from acute power rationing due to a drop in hydropwer production following a fall in water levels at the Masinga dam.

Meanwhile, in Pakistan power demand is expected to rise by almost 30 percent by the end of this year as new oil-burning facilities come onstream to overcome the country's severe electricity shortage.

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