January 18, 2012 [Trend News Agency] - SOCAR AURORA Fujairah Terminal has completed phase one of its 641,000 m3 terminal and the first cargo from SOCAR Trading, Geneva is expected within days. Commercial operation of three tanks, consisting of 115,000 m3 capacity, will begin shortly.
Kutait said Phase 2 of the terminal, which is expected to take around 15 months, will up the storage capacity to 350,000 m3 with an additional nine tanks.
“We are already commencing discussions over the rental of phase three and we would expect to be able to make a decision on the go ahead of phase three in the first quarter of 2012, but we don’t see any reason to wait,” Kutait noted.
The head of Corporate Economics in Socar Trading Gunter Seymus told Trend via e-mail that Fujairah Terminal is expected to open in the next few months.
In May, 2011 Arab Petroleum Investments Corp. (APICORP) was mandated the sole arranger by Socar Aurora Fujairah Terminal for a $110 million term loan facility, consisting of two tranches, to finance the phased development of the project.
In December, 2011 APICORP and National Bank of Fujairah PSC signed an agreement on the first tranche worth $61 million to Socar Aurora Fujairah Terminal, which consists of 20 tanks and has the capacity for handling gasoline, naphtha, middle distillates and other petroleum products.
