Oil storage capacity in the UAE port of Fujairah is expected to rise by two million cubic metres (cu m) to more than six million cu m in 2013, port data has revealed
The port outside the Strait of Hormuz, a Gulf oil export route, has seen a boom in storage facility building since late 2009.
Fujairah had 4.07mn cu m of oil storage capacity at the end of 2012, port figures showed, with Vopak Horizon Fujairah accounting for about half of the storage.
Another two million cu m is expected to come online in 2013, including capacity additions from existing companies such as the Emirates National Oil Company, GPS Chemoil and Socar Aurora, along with new port investors such as Gulf Petrochem.
An additional 2.3mn cu m of storage will be added when the seventh phase of Vopak Horizon's expansion project comes online and Singapore-based Concord Energy and China's Sinopec finish their 880,000 cu m project.
By 2015, Fujairah's oil storage capacity is expected to rise to almost nine million cu m, according to the port.
