VITOL purchases major stake in Fujairah Refinery

Commodities trader Vitol Group International has acquired a major stake in the Fujairah Government owned Fujairah Refinery Limited Fujairah Oil Company.An agreement to this effect was signed between the Fujairah Oil Company, representing the Government of Fujairah and the Vital Group of Companies when H.H. Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah received last night at his Palace Mr Ian Taylor, President of Vitol.Mr. Taylor said his Group was eager to partner with the Government of Fujairah to consolidate the emirate's strategic role in the local, regional and international energy markets.The Fujairah Refinery is the only oil facility in the eastern coast of the UAE.Fujairah, on the Gulf of Oman just outside the shipping chokepoint of the Strait of Hormuz, is one of the world's largest ship refueling centres.The refinery, which was built on a very spacious area that could allow further future expansions, has two units with a refining capacity of 82,000 barrels per day.It has storage capacity of 460,000 cubic meters.The refinery has access to the ultra-modern bunkering facilities and services of the Fujairah seaport. The seaport has three quays with a total length of 840 m and 20 gantries for loading and unloading fuel. Source