Gulf Petrochem Group will invest $136.4 million (Dh500.89 million) to develop a 412,000 cubic metre storage terminal project in Fujairah in which Fujairah Petroleum Company (FPC) has signed an agreement with Gulf Petrochem to buy a 12 per cent stake, a senior executive of Gulf Petrochem said yesterday.
Sanjeev Sisaudia, Group Chief Executive for Gulf Petrochem, told Gulf News, "FPC will also invest as per the agreement". He didn't elaborate.
Gulf Petrochem recently signed an investment agreement with the Government of Fujairah subsidiary Fujairah Petroleum Company (FPC).
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