The group will start engineering, procurement and construction works for the crude oil and petroleum products terminal in October. Financial close for the investment will also be expected at the end of the third quarter, a spokesman told The Business Times.

The commissioning date is planned for mid-2018, and the terminal is expected to be the only large-scale facility coming on stream in the period till then.

The Concord Oil Terminal will have about 400,000 cubic metres of crude tanks connected to a jetty deep enough for very large crude carriers, with flow rates of 12,000 cubic metres an hour. It will also have about 700,000 cubic metres of gasoil, gasoline and fuel oil tanks.

Raouf Kizilbash, managing director of Concord Oil Terminal, said the group is now in discussions with several anchor customers on the possibility of taking a stake in the investment.

“Recently the market for gasoline storage has been growing in Fujairah and our terminal will also cater for gasoil and gasoline customers,” he said.

The facility will have flexible tank farms that can be switched between gasoil and gasoline depending on market demand, he added.