SOCAR Trading CFO Zaur Gahramanov commented: “SOCAR is keen to establish a strong asset base that can contribute to its ongoing international and downstream growth. The development in Fujairah is in a key trading hub where volumes are increasing substantially – clearly this is a strategic asset for the future development of the SOCAR group.” SOCAR Trading may itself rent some of the capacity in the terminals under development, but first and foremost these are going to be tank storage operations that will be providing first rate services to customers.

Mr. Ammar Kutait of Aurora added: “We are delighted to have an organisation of SOCAR’s scale and significance partner with us in developing these terminal assets. We are now focusing on the construction of the first phase of our Fujairah terminal to be operational early next year. In recognition of the partnership we will be renaming this facility the ‘SOCAR AURORA Fujairah Terminal’.”

SOCAR AURORA Fujairah Terminal: The terminal consists of 641,000m3 of storage across 20 tanks and can handle fuel oils, gasolines, naphthas and middle distillates (diesel, gasoil & jet kerosene) and will be equipped with both tank-to-tank and in-line blending facilities. SOCAR AURORA will be an independent terminal operator offering storage capacity to third parties. The Port of Fujairah is commissioning this year a new multi berth facility for the receipt and loading of oil tankers. The SOCAR AURORA terminal will be amongst the first to make use of this new vessel handling capacity in the growing energy hub of Fujairah. Ammar Kutait has been appointed as CEO of the Joint Venture with the appointment of the CFO to be made shortly. Both companies will be represented on the Board of Directors. The company is currently studying contractors’ bids after the initial civil works have been completed.