São Paulo – The Fujairah Oil Industry Zone (FOIZ) is seeing new investment, Emirates News Agency (WAM) reported. FOIZ and the nearby Port of Fujairah have cemented their status as one of the leading oil supply hubs in the world.
Last month, Fujairah’s Brooge Petroleum and Gas Investment Company and Africa’s Sahara Group conglomerate unveiled plans to build a 250,000-bpd refinery within the FOIZ. WAM said the unit will be one of the first of its kind in the Middle East and North Africa to comply with the International Maritime Organization to limit Sulphur content in fuel to 0.5%.
Earlier this month saw the Aramco Trading Company – an arm of Saudi Aramco – announce that it has opened an office in the FOIZ. It said the move is part of a worldwide effort by Aramco Trading to branch out into new markets and secure buyers for crude and refined oil from Aramco. The new facility will handle product storage and mixing.
WAM said 18 companies are active in the Fujairah Oil Industry Zone, including oil and gas companies include the Aegean Oil Terminal Corporation (AOT), Horizon Terminals, Global Terminal Investment (GTI) and Gulf Petrochem. Fujairah is the only emirate in the UAE with access to the Arabian Sea. The other coastal emirates are bathed by the Gulf Sea.
Translated by Gabriel Pomerancblum
