Fujairah Ruler inaugurates Gulf Petrochem's Fujairah Oil Terminal

First phase of newly completed storage facility designed to handle 412,000 cubic meters of petroleum products

Dubai, United Arab Emirates (prHWY.com) February 28, 2013 - February 27, 2013
H.H. Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah, has inaugurated the first phase of Gulf Petrochem's Fujairah Oil Terminal during a ceremony held today (Wednesday, February 27, 2013) at the new facility. With a storage capacity of 412,000 cubic meters, the first phase of the Fujairah Oil Terminal is able to handle Class III petroleum products such as Fuel Oil, Gas Oil and Cutter Stock.

Gulf Petrochem Group's new storage terminal has been constructed according to the highest quality standards. It is equipped with state-of-the-art technology and highly automated systems. These are among the key features that will add value to services being offered and ultimately drive client satisfaction. The storage terminal consists of 112,233 sq meters, which include up to 73,269 sq meters of expansion capability.

Sanjeev Sisaudia, Group Chief Executive, Gulf Petrochem, said: "The presence of H.H. Sheikh Hamad bin Mohammed Al Sharqi, Ruler of Fujairah, during the inauguration strongly reaffirms the critical importance of this project as an integral element in the economic development agenda of the emirate, and we are grateful for the support. The inauguration of this facility is a result of the vision of Mr. Ashok Goel, our Founder and Chairman as well as Mr. Sudhir Goyel, our Managing Director. It will not be out of content to mention that the growth of Gulf Petrochem was certainly not possible without their dynamic leadership, clear vision and strong belief in the capabilities of our people. The launch of the Fujairah Oil Terminal is a major breakthrough that complements our ongoing strategic growth and expansion plans, and this world-class project caters to the rapidly growing demand for storage capacity. Moreover, the Fujairah Oil Terminal further consolidates the status of Gulf Petrochem as leading player in the oil space, while creating new possibilities to bolster our stronghold in key regional and global markets. The successful completion of the first phase of the project puts us on the right track as we move ahead with our strategy of satisfying the expanding needs of our growing global clientele."

During the ceremony, His Highness Sheikh Hamad unveiled a marble stone, which marked the inauguration of the terminal.

Prerit Goel, Group Director of Gulf Petrochem Group, said: "The launch of Gulf Petrochem's new oil terminal in Fujairah has certainly generated huge interest being a landmark project that strongly supports the sustained growth of the industry, and we are excited about the road ahead as we strategically consolidate our presence regionally and internationally. We would like to take this opportunity to say thank you to all our strategic partners in the Fujairah project including Abu Dhabi Islamic Bank, National Bank of Fujairah, First Gulf Bank, Al Hilal Bank and United Arab Bank."

Gulf Petrochem Group is a leading player in the Oil Space, having a vision to be a well integrated global organization with an excellent suite of growth projects spread across different continents. A decade from its inception in early 1998, Gulf Petrochem today is a well integrated conglomerate, specialized in Oil Trading & Bunkering, Oil Refining, Grease Manufacturing, Oil Storage Terminals, Bitumen Manufacturing, and Shipping & Logistics.

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