Fujairah eyes growth in bunkering, oil storage and refining

Ahead of the S&P Global Platts Asia Pacific Petroleum Conference (APPEC 2019), Insight presents a series of articles exploring aspects of the global trade in crude oil and refined products. In the final instalment instalment, Dania EL Saadi reports on developments at the UAE’s port of Fujairah, a key bunker hub with ambitions to rival Rotterdam and Singapore. The Middle East bunkering hub of Fujairah may have been rattled by the recent tanker attacks in the Gulf of Oman, but officials are adamant that it will be business as usual, as the port and accompanying free zone forge ahead with diversification plans. Fujairah is trying to compete with other bunkering and oil storage hubs like Singapore, the world’s biggest, and Amsterdam-Rotterdam-Antwerp, the huge oil refining and distillate storage complex spanning the Netherlands and Belgium. Officials and operators hope to capitalize on Fujairah’s strategic position outside the Strait of Hormuz, a chokepoint where daily oil flow accounts for 21% of global petroleum liquids consumption, according to the US Energy Information Administration. But the port and adjacent free zone in Fujairah, where two refineries and 17 oil terminals are located, are exposed to the rising tensions between Iran and the US, and… continue reading

Continue reading Fujairah eyes growth in bunkering, oil storage and refining. This article appeared first on CTRM Center.

Source: CTRM Center

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