the French News Agency
The Oil Gulf Petrochem Company, owned by an Indian Group of Companies (88%) and the Emirate of Fujairah (12%) and based in the United Arab Emirates, announced the inauguration of an installation whose cost is $130 million to store derivatives with a capacity of 412 thousand cubic meters on the coast of the strategic Al Fujairah Emirate outside the Strait of Hormuz.
The installation is added to a series of strategic installations embraced by the emirate. It is the only one that overlooks the Arabian Sea and not on the Gulf among the seven United Arab Emirates. Accordingly, Al Fujairah turned into a global center for storage operations due to the advantage of its location outside the Strait of Hormuz whose closure has been repeatedly threatened by Iran