December 24, 2011 [TankTerminals.com/SAGE ERP] - The oil terminal is to be constructed after Arab Petroleum Investments Corporation (Apricorp) put forward a loan to finance the project.
Apicorp is to provide financial support of $61 million (£38 million) in a first instalment to fund the scheme. It will be followed by a second loan, with $110 million being put forward by Apicorp in total to finance the programme.
The project involves the creation of a 641,000 cubic metre oil terminal which will be owned as a joint facility between Socar Trading, Swiss based commodity trading house Aurora Progress and the government of Fujairah.
Apricorp is partly owned by the UAE government, which holds a 17 per cent stake.
