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UAE Fujairah ruler inaugurates new oil terminal

Xinhua, March 12, 2015 Adjust font size:

Sheikh Hamad bin Mohammed Al-Sharqi, the ruler of the sheikhdom of Fujairah, inaugurated on Wednesday the fuel storage terminal "Fujairah Oil Terminal FZC," the state news agency WAM reported.

The terminal is owned by the government of Fujairah, Sinopec Kantons and Concord Energy, WAM said.

The project started in March 2013, and cost approximately 342 million U.S. dollars. The completed terminal has a capacity of 1.177 million cubic metres and 34 reservoirs.

It has the purpose to storage raw fuel for customer service and for the purposes of trade.

Sheikh Hamad unveiled the foundation stone of the project. Fujairah is the only out of seven UAE sheikhdoms with coastal access to the Gulf of Oman which allows the UAE to storage and export oil by circumventing the geo-strategically important straits of Hormuz.

Sheikh Hamad praised the project, referring to its contribution to the success of the economic development plans in the emirate.

The emir stressed the importance of striking international partnerships to accomplish the vital and strategic projects in the emirate. Endit