Socar Trading expects Fujairah Terminal’s Phase 2 to begin construction in 1-2 months
Azerbaijan, Baku, March 13 / Trend A.Badalova /
Socar Trading, subsidiary of the State Oil Company of Azerbaijan (SOCAR) expects the second phase of Socar Aurora Fujairah Terminal to commence the construction in the next one-two months.
"Within the next month we should pursue with the construction of Phase 2," Head and Managing Director of Socar Trading Dubai, Christian Von Langermann told Trend on Tuesday over phone.
According to Langermann, the terminal's Phase 2 will provide additional 232,000 cubic meters to the first phase's storage capacity at 114,000 cubic meters.
Langermann said that the first shipment of fuel oil into the terminal will be supplied within the next two weeks.
However, Langermann declined to provide the terms for entire launch of the terminal, stressing that it will depend on market conditions.
SOCAR AURORA Fujairah Terminal is a joint venture of SOCAR, Aurora Progress SA, and the Government of Fujairah.
Terminal in Fujairah Port in the UAE is being constructed by SOCAR Trading. SOCAR and Aurora Progress Trade House, which is based in Switzerland, reached an agreement on cooperation in the development of oil storage facilities, including providing a terminal for the storage of oil products in May 2010.
SOCAR Trading has already invested in the construction of a 645,000 m3 terminal in Fujairah, via SOCAR Aurora. The Fujairah Terminal consists of 20 tanks and has the capacity for handling gasoline, naphtha, middle distillates and other petroleum products. The project will be implemented in 3 phases.
The initial phase of the company's Fujairah terminal project has finished construction and is ready for use, Socar said in an e-mail statement today. It has a storage capacity of 114,000 cubic meters, or about 640,000 barrels of oil.