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Mon 13 Jun 2011, 07:44 GMT

Chemoil terminal to be completed by Q3 2012


Supplier says it expects the expansion of its Fujairah storage facility to be completed 'on target'.

International bunker supplier Chemoil Energy Ltd. has said that it expects the expansion of its storage terminal in Fujairah to be completed by the third quarter of 2012.

Commenting on the project at the Reuters Global Energy and Climate Summit, Chemoil's CEO Tom Reilly [pictured] is quoted as saying: "It is a large project and it is on target."

The project is a joint venture storage facility with Gulf Petrol Supplies LLC, a subsidiary of the Fujairah National Group.

The terminal will increase capacity from 95,000 cubic metres to approximately 675,000 cubic metres, making it one of the largest bunker terminals in the Middle East and Chemoil’s largest storage facility in its global footprint, exceeding the current 482,000 cubic metre storage capacity at its flagship Helios Terminal in Singapore.

The company is reported to be aiming to increase 2011 sales volumes to 23-24 million tonnes from 15.6 million metric tonnes last year. In 2009 the company's sales declined 8.5 percent to 15.1 million tonnes, from 16.5 million tonnes in 2008.

The fourth quarter of 2010 - the strongest three-month operating performance for the group in 2010 - saw sales volumes increase by 100,000 tonnes, or 3 percent, to 4.1 million metric tonnes. Chemoil achieved a profit before tax of US$ 3.7 million during this period.

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