The Fujairah Oil Industry Zone (FOIZ) announced on 2 January that it has signed a Land Lease Agreement with Apex Terminals for development of a 1.224mn m³ (7.7mn barrel) storage terminal. Apex Terminals CEO Jonathan George says the firm intends to develop a “state-of-the-art terminal, dedicated to the storage of petroleum products and hydrocarbons.” Apex Terminals is an unknown entity incorporated in Fujairah in late-2024, and it is unclear who the firm has been established by.
Fujairah currently has storage capacity of around 11.1mn m³, and a number of existing terminals are implementing expansion projects. UAE firm BPGIC, which is currently being taken over by local firm GulfNav, plans a 3.5mn m³ Phase 3 expansion to its existing 1mn m³ facility, while Fujairah-headquartered Ecomar is adding 1.3mn m³ to its terminal (MEES, 5 July 2024). However, after a buoyant couple of years, operations at Fujairah have slowed down in recent months as weakening gasoline markets have reduced the economic incentives for blending (MEES, 1 November 2024). (CONTINUED - 160 WORDS)