Gulf Petrochem, Fujairah signs investment agreement with Fujairah Petroleum Company

Press release

Published January 2nd, 2012 - 07:57 GMT

Gulf Petrochem Group, has recently signed an investment agreement with the Government of Fujairah’s subsidiary Fujairah Petroleum Company (FPC). Under the agreement, FPC will buy a 12 per cent stake in Gulf Petrochem's 412,000 cubic meter storage terminal project in Fujairah, which is due for completion in September 2012.

The agreement was signed by Dr. Salem Abdou Khalil, Technical Advisor, Government of Fujairah, on behalf of the Fujairah Petroleum Company, and Harshavardhan Sinha, Executive Director, Gulf Petrochem Group, on behalf of Gulf Petrochem, Fujairah.

Ashok Goel, Chairman, Gulf Petrochem Group, said: “Participation of Fujairah Petroleum Company in our project underlines the importance of the storage terminal business as a tool for socioeconomic progress in the emirate and across the region. Such strategic partnerships complement our aggressive growth plans, and help us create new economic possibilities for the communities we serve. This agreement reaffirms the commitment and trust various stakeholders have in this project.”

Headquartered in Hamriyah, Sharjah, Gulf Petrochem operates globally with offices in India, Singapore and Europe. The Group recently opened a new Dubai office in line with regional growth plans. The new Jumeirah Lake Towers address was opened to strategically position the group within the region’s business hub.

Gulf Petrochem Group is a leading player in oil space, specializing in Oil Trading & Bunkering, Oil Refining, Grease Manufacturing, Oil Storage Terminals, Bitumen Manufacturing, and Shipping & Logistics. It operates a 60,000 cubic meters facility in Hamriyah Free Zone, Sharjah capable of storing various grades of oils and owns three vessels with a combined capacity of 17,000 cubic meters to service bulk shipments.

Background Information

Gulf Petrochemicals & Chemicals Association

The Gulf Petrochemicals and Chemicals Association (GPCA) represents the downstream hydrocarbon industry in the Arabian Gulf. Established in 2006, the association voices the common interests of more than 250 member companies from the chemical and allied industries, accounting for over 95% of chemical output in the Arabian Gulf region. The industry makes up the second largest manufacturing sector in the region, producing over USD 108 billion worth of products a year.