ADNOC to build worlds largest underground crude oil depot in Fujairah
Dubai, United Arab Emirates, 28 February 2019: Abu Dhabi National Oil Company (ADNOC) teamed up with South Koreas SK Engineering and Construction to sign a remarkable agreement that will lead to the development of the worlds most gigantic underground oil storage facility. The agreement beckons to a stronger relationship between both the UAE and South Korea.
The project worth an amount of Dh4.4 billion ($1.21 billion) was announced on Wednesday during the South Korean tour of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, which eventually culminated in a signing ceremony at the Blue House in Seoul.
Once completed in 2022, the facility will be one of the largest of its kind in the world along with the ability to store three different types of crude oil, providing ADNOC with more flexibility to export crude through Fujairahs Arabian Sea oil terminal.
ADNOC is one of the worlds leading energy producers, proving itself a strong driving force in the growth and diversification of Abu Dhabi.it operates across the entire hydrocarbon value chain, via a network of fully integrated businesses.
SK E&C based in South Korea, pursues sustainable growth and stability along with consistent efforts to achieve the happiness of humanity and a better world. It is renowned for its plant business around the world.
