The Port of Fujairah, one of the world’s key oil storage centres and the second-largest ship bunkering hub in the world, is considering several options to invest some Dh750 million ($204.19 million) over the next two years to expand and upgrade its oil handling infrastructure.

 

This announcement was made by Khalil Ibrahim, chief financial officer of the Port of Fujairah, on the sidelines of International Petroleum Week (IP Week) in London, said a Wam news agency report.

 

Ibrahim stressed that the Port of Fujairah is consulting clients to understand their expansion plans, which might require the port to increase its oil handling capacity, which is currently about 700 million barrels annually.

 

He added that the planned expansion also aims to increase the operational efficiency of the port and improve the quality of its service, which is considered among the best in the world.

 

"These plans are part of the port’s long-term strategy derived from the Government of Fujairah’s directives to always be ahead of the market demand which ultimately aims to maintain the port’s status as one of the leading petroleum ports in the world," Ibrahim added.

 

He also pointed out that the planned investment is part of the port’s plans to strengthen its businesses, achieve distinguished milestones, support various economic sectors, and provide job opportunities for UAE nationals from different backgrounds, the report said.