Concorde Energy Oil Terminal to be Operational by March 2013

---

Researched by Industrial Info Resources (Delhi, India)--Oil trader Concord Energy Pte Limited (Singapore) is mulling plans to boost petroleum storage in the hydrocarbon-rich Persian Gulf region, as part of a global push to diversify its business beyond Asia and expand the trading of oil products overseas.

This expansion is expected to cost $250 million and is due to start up in March 2013 at Port of Fujairah, which is outside the Persian Gulf on the Gulf of Oman.

Rotary engineering has bagged the engineering, procurement and construction contract for the 1.1 million-cubic-meter terminal, which includes engineering and procurement of all materials, tanks and equipment, and the construction of the terminal.

The Port of Fujairah has been eyed by various oil and gas players globally, as it is one of the prime locations between Asia and the Atlantic Basin. It will soon become a strategic storage and export hub.

The Fujairah region is expected to see an increase in the trading of petroleum products as per regional traders, mainly driven by rising demand from countries such as Saudi Arabia, Iraq, Iran, Yemen and India.

As per port officials, Fujairah already has surpassed Rotterdam as the world's second-largest bunkering port after Singapore, and its storage capacity is expected to more than double to about 8.3 million cubic meters by the end of 2012.

View Project Report - 300045484

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.