Global Petro Storage (GPS), Innova Refining Industries (Innova) and Chemie Tech LLC (Chemie Tech), jointly GPS Innova, in early October took a final investment decision to invest in a greenfield terminal project in the Port of Hamriyah in the UAE with long-term commitments.
The terminal will provide services for industrial reprocessing of waste oils, trading, import and bunkering, said GPS.
Construction activities will start in October 2018 and the terminal is scheduled for completion by late-2019.
“This is GPS’s first investment in the Middle East which is a key strategic hub which the company plans to expand around,” it notes.
“GPS will hold the majority in the three-party joint venture company which will develop, own and operate a state-of-the-art hydrocarbon storage terminal according to international standards.”
Photo credit: Global Petro Storage
Published: 24 October, 2018
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