UAE based trader Gulf Petrochem is looking to expand into the Asian market by end 2011, with the setting up of a trading and bunkering desk in Singapore, as per Reuters. At a time when economic gloom continues to encompass Europe and USA, strong demand for oil continues in Asia. This has prompted oil majors and traders from the Middle East to expand operations there.
Gulf Petrochem plans to increase its Fujairah capacity to 1.2 million cubic meters in the next five years. Also on the cards is a plan to build by April 2013 at the latest, 120,000 cubic meters of oil storage in Malaysia's Port Klang and 300,000 cubic meters of space in India's Pipavav port. In India, the company is looking to increase its space to 1 million cubic meters in the next five years. Both clean and dirty products will be stored in all the new storage facilities.