Minister of Energy and Mineral Resources Mohmmad Hamed said the agreement’s signing comes within the Ministry’s strategy to achieve energy security through all means, including making arrangements for adequate strategic storage for oil derivatives.

The project, he added, will provide 340,000 tons worth of storage capacity for oil derivatives including diesel, benzene and jet fuel and 10,000 for liquefied gas.

The minister added that the project, to be implemented in two years, will be financed by the Abu Dhabi Development Fund.