October 22, 2018 [GPS Group] - Global Petro Storage (“GPS”), Innova Refining Industries (“Innova”) and Chemie Tech LLC (“Chemie Tech”), jointly “GPS Innova”, have taken a final investment decision (“FID”), to invest in a greenfield terminal project in the Port of Hamriyah in the UAE with long-term commitments.
The terminal will provide services for industrial reprocessing of waste oils, trading, import and bunkering. Construction activities will start in October 2018 and the terminal is scheduled for completion by late-2019.
This is GPS’s first investment in the Middle East which is a key strategic hub which the company plans to expand around. GPS will hold the majority in the three-party joint venture company which will develop, own and operate a state-of-the-art hydrocarbon storage terminal according to international standards.
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