Dutch-based terminal company VTTI has bought a 90% stake in IL&FS Prime Terminals FZC (IPTF) in Fujairah, UAE.
The remaining 10% remains with the Fujairah government. The state-of-the-art terminal has14 tanks with a total capacity of 333,484 m3 and handles a wide range of petroleum products. An expansion is underway which will take the terminal’s capacity to more than 780,000 m3.
Fujairah, located outside the problematic Strait of Hormuz, is one of the world’s four key oil hubs. VTTI says that acquiring IPTF will allow it to significantly expand its long-established position in the port.
‘The acquisition of this high quality facility puts FTL in a unique position in handling all petroleum products with the most flexible configuration, while increasing operational synergies within its existing terminal in the Port of Fujairah,’ says the company in a statement.
(source: Tank Storage Magazine)