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Wednesday, 21 September 2016

U.A.E. Oil Port at Fujairah Opens Crude Jetty to Boost Hub Role - Bloomberg

U.A.E. Oil Port at Fujairah Opens Crude Jetty to Boost Hub Role - Bloomberg:

"Fujairah, a rocky ribbon of land between the Hajar Mountains and the Indian Ocean coast of the United Arab Emirates, plans to boost its influence as an oil-trading hub with the addition of the region’s first crude-shipment jetty and expanded storage facilities.
The emirate, one of the smallest of the U.A.E.’s seven sheikhdom’s, unloaded its first full crude cargo of about 2 million barrels at the jetty Tuesday after opening the dock for testing early last month, Mousa Murad, the port’s general manager, said by phone. The jetty connects by pipeline to tanks leased by Royal Dutch Shell Plc at a local storage terminal, he said.
Producers in the Middle East, the world’s biggest supplier of crude over the last half century, are expanding oil output as the Organization of Petroleum Exporting Countries battles for market share amid a global supply glut. The region has traditionally shipped its oil straight to refineries in Asia, the U.S. or Europe. Allowing international companies to store crude may develop trading in the same way that Fujairah built its role as a refined-products hub."

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