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Etihad Energy Holding (formerly Gulf Navigation Holding) said it is continuing to execute its growth strategies, with the third expansion phase at the Port of Fujairah likely to more than double its existing storage capacity.
Phase 3A is currently undergoing detailed engineering design work, alongside the finalisation of engineering, procurement and construction (EPC) contract drafts, the Dubai-listed company said in its first-quarter 2026 financial statement.
The third expansion phase is expected to add 1.09 million cubic metres of new storage capacity.
Infrastructure execution activities are progressing, while discussions continue with a number of customers regarding binding storage agreements. Talks are ongoing with financial institutions on expansion financing.
Revenues from the third phase are forecast to commence within 18 months from 20 May, the statement added.
Etihad Energy said that the detailed engineering design contract for the naphtha-to-gasoline refinery project was awarded to PEG Engineering, while Honeywell UOP was selected as the licensed technology provider.
The first phase includes the development of a refinery unit with a processing capacity of 14,500 barrels per day (bpd) of naphtha, converting it into Euro5-compliant gasoline under a fee-based/take-or-pay contractual structure intended to minimise exposure to commodity price volatility.
(Writing by P Deol; Editing by Anoop Menon)
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