The world's largest underground crude oil storage facility is to be built in Fujairah.
An agreement, worth AED 4.4 billion has been signed between the Abu Dhabi National Oil Company (ADNOC) and South Korea's SK Engineering and Construction Co. Ltd.
It came on the sidelines of a visit by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to South Korea.
The facility will have a capacity of 42 million barrels.
The move aims to enhance the UAE's energy security, and nearly fifty per cent of the contract spend will be fed back into the Emirates' economy through ADNOC's 'In-country Value' programme.
Mohamed bin Zayed and the Korean President witness the signing of an agreement between ADNOC and SKEC to build the world's largest crude oil storage facility in Fujairah. Costing 4.4 billion dirhams, it will have a capacity of 42 million barrels. pic.twitter.com/6GNUIjj0da
— محمد بن زايد (@MohamedBinZayed) February 27, 2019
Weaponising Strait of Hormuz is an act of economic terrorism: Sultan Al Jaber
IEA consulting with governments on further oil stock releases, chief Birol says
Dollar rises as escalating Middle East tensions spur haven demand
Business leaders highlight Dubai’s resilience amid global developments
India to withdraw temporary domestic airfare caps from Monday
