(MEBG) — A joint venture involving two Sharjah-based oil trading companies will result in the construction of a 37,000-ton petroleum products storage facility , worth up to Dh20 million, at the Hamriyah Free Zone.
The entrepreneurs are Gulf Energy Co and Union Energy Co. Together they have set up the National Oil Storage Co (Nosco), with each holding a 50 percent stake.
According to Nosco General Manager Afdhal Mohammad Albaz: “The project is set to go on stream in mid-March 2001, and will cater to the needs of the local and regional markets. Besides, we will also export to small cities in India and destinations in Africa."
Albaz added that the company will also retain the option of selling products such as diesel fuel, gas oil and bitumen on the open market, taking advantage of price fluctuations. He also mentioned that Nosco has a Dh40-million expansion plan, which would be activated according to market demand.
Facilities to be set up include two tanks with capacities of 10,000 tons, two tanks with capacities of 6,000 tons, and two tanks with capacities of 5,000 tons. In all facilities will have a storage capacity of 22,000 tons of diesel, 10,000 tons of fuel oil and 5,000 tons of bitumen.
