Business and finances
twitter / MohamedBinZayed
Abu Dhabi National Oil Company (ADNOC) and SK Engineering and Construction of South Korea signed an agreement on Wednesday to build the largest oil tank in the world.
The project will have a capacity of 42 million barrels at a cost of AED 4,400 million (1,200 million dollars) and will be built in Fujairah on the east coast of the UAE.
The project's agreement was signed during the visit of Abu Dhabi's heir prince to South Korea on Wednesday. Construction should be completed in 2022.
Mohammed bin Zayed and the Korean President witness the signing of an agreement between ADNOC and SKEC to build the largest oil storage facility in the world in the Fujairah Emirate with a capacity of 42 million barrels worth 4.4 million dirhams. pic.twitter.com/qASpDDSBzs
– Mohammed Bin Zayed (@MohamedBinZayed) February 27, 2019
The South Korean company will carry out engineering, acquisition and construction of three underground tanks with a storage capacity of 14 million barrels, according to WAM.
The new ADNOC project will provide more flexibility to manage and improve delivery schedules.
The general director of ADNOC, Sultan Al Jaber, said: "The giant project allows ADNOC to continue to fulfill its commitments with its customers, to establish its position as a reliable oil supplier and to support our business ambitions by increasing our ability to respond to Effective and competitive way in various scenarios of the energy market. "
Last November, the ADNOC signed a memorandum of understanding with the Strategic Company of Petroleum Reserves of India to study the storage of crude oil in the crude oil of Adnoc in a new underground plant in Padur, Karnataka, India, as well as 6.3 million of crude barrels in Kerry Harbor. Kagoshima in southern Japan.