Fujairah Oil Storage Terminal Being Developed by Concord and Sinopec Is Due to Start Operating in Late 2014

摘要

The oil storage terminal being built in the emirate of Fujairah by Fujairah Oil Terminals (FOT), a 50:50% joint venture between Concord HK, the Hong Kong-based subsidiary of Concord Energy of Singapore, and Sinomart KTS Development, a wholly-owned subsidiary of Sinopec Kantons Holding Limited, part of China Petroleum & Chemical Corporation (Sinopec), should be completed in the fourth quarter of 2014, according to Concord. Work on the erection of the storage tanks is due to get under way this month, according to Mr. John Stuart, the Chief Executive Officer of Amity Energy Pte Ltd., a subsidiary of Concord created for the purpose of investing in storage facilities. Sinopec Kantons announced on 3 January that the agreement for its acquisition of an interest in FOT had been finalized.