Vitol plans to double Fujairah storage
Vitol Tank Terminals International (VTTI) is looking to almost double its oil storage capacity at the port of Fujairah to over 2 million cubic meters, the company has detailed on its website, Ship & Bunker reports.
The site, which VTTI says has already had "major expansion," currently has 1.18 million cubic meters of storage capacity in a total of 47 tanks, with the planned expansion adding a further 1 million cubic meters of storage.
"VTTI is looking into the project. It has to go through a phase where it needs to get permits, finalise plans and then the construction can start," a spokeswoman for VTTI told Reuters.
"It would start to be developed from early 2014," she said.
The VTTI facility is located just outside the Strait of Hormuz at the entry and exit point of the Gulf, which the firm says is "excellently placed to serve the major bunker market there."
VTTI, a joint venture between oil trader Vitol and Malaysian shipping company MISC Bhd, has a 90 percent stake in the facility with 10 percent owned by the Government of Fujairah, which also owns 100% of the port facilities.
