Reuters quoted Concord Energy saying that an oil storage terminal being built in the UAE port of Fujairah by Singapore based Concord Energy and a subsidiary of China's Sinopec is expected to start operations by late next year.
Asia's strong oil and oil products demand have prompted many oil producers and trading houses such as Litasco, Noble Group and Azeri SOCAR to secure oil storage rights in the Gulf region.
Mr John Stuart CEO of Assets Group Concord Energy in a statement said that construction of the tank farms is expected to start this month with commercial operations commencing in the Q4 of 2014.
Concord and Sinomart KTS Development, a wholly owned subsidiary of Sinopec Kantons, each hold 50% of the project.
Mr Stuart said that Fujairah Oil Terminals had recently signed binding agreements with a consortium of six international banks for the provision of a USD 252 million senior debt facility.
