Wednesday, Oct 27, 2010
SINGAPORE (Dow Jones)--Singapore-based oil trader Concord Energy Pte Ltd. plans to build a 1.1 million cubic meter oil storage facility at the main Middle East centre of Fujairah in the United Arab Emirates, the company said in a statement Wednesday.
The facility, to be operational in 2012, will be able to store crude and fuel oil as well as distillates, jet fuel and gasoline, it said.
The bulk of the tank capacity will be taken up by Concord for its physical trading while the rest will be rented out.
-By Gurdeep Singh, Dow Jones Newswires; 65-6415 4064; gurdeep.singh@dowjones.com
(END) Dow Jones Newswires
27-10-10 0801GMT
