USD 14.5 million in dual Vopak ENOC expansion

The company, a joint venture between Emirates National Oil Company (ENOC), Vopak of the Netherlands, the government of Fujairah, IPG of Kuwait and the Vitol group, will invest US$12.5 million in a calm buoy (single point mooring) off the terminal to cater to the increasing number of ships calling at the facility.

The project, which will be completed in August 2002, follows back-to-back investments in the facility, which have seen its capacity grow from 500,000 cubic metres in 1998 to over 800,000 cubic metres in May this year.

And in a separate US$ 2 million investment, Vopak ENOC is currently finalising construction of a two-line pipeline connection to the neighbouring refinery, which will enable maximum optimisation of the Fujairah assets, in terms of tankage and marine facilities. The project will be completed in March.

"This dual move will facilitate the handling of larger crude ships and increase our throughput in our drive to play a major role in the lucrative crude market," said Hussain Sultan, ENOC Group Chief Executive & Board Member.

"So far Vopak ENOC has invested a total of US$124 million, partly financed by loan and partly by equity-retained earnings in our effort to make Fujairah the world's leading oil and bunkering hub."

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