Mansoori said this project is strategically important for the UAE because it will allow the country to expand oil trade in the Persian Gulf.
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 petroleum products in May 2010.
SOCAR Trading has recently invested in the construction of a 645,000 m3 terminal in Fujairah, via SOCAR Aurora, a joint venture company with Aurora Progress and the government of Fujairah.
The Fujairah Terminal includes 20 tanks and has the capacity for handling gasoline, naphtha, middle distillates and other petroleum products.
SOCAR Aurora will act as an independent terminal operator offering the infrastructure’s capacity to third parties.