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Concord, Sinopec to complete Fujairah oil storage terminal by late 2014
- United Arab Emirates: Saturday, January 05 - 2013 at 05:11
Singapore-based Concord Energy has announced an oil storage terminal being built in the UAE, in partnership with a subsidiary of China's Sinopec, is expected to start operations by late next year, Reuters has reported. Concord and Sinomart KTS Development, a wholly-owned subsidiary of Sinopec Kantons, each hold 50% of the project. Construction of the 1.155 million cubic metre terminal is expected to start this month with commercial operations commencing in the fourth quarter of 2014, said chief executive of Assets Group Concord Energy, John Stuart.
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