Gulf Petrochem Group, has signed an investment agreement with the Government of Fujairah’s subsidiary Fujairah Petroleum Company (FPC). Under the agreement, FPC will buy a 12% stake in Gulf Petrochem's 412,000 cubic meter storage terminal project in Fujairah. The project is scheduled for completion in September 2012.
The agreement was signed by Dr. Salem Abdou Khalil, Technical Advisor, Government of Fujairah, on behalf of the Fujairah Petroleum Company, and Harshavardhan Sinha, Executive Director, Gulf Petrochem Group, on behalf of Gulf Petrochem, Fujairah. Ashok Goel, Chairman, Gulf Petrochem Group, said: “Participation of Fujairah Petroleum Company in our project underlines the importance of the storage terminal business as a tool for socioeconomic progress in the emirate and across the region. Such strategic partnerships complement our aggressive growth plans, and help us create new economic possibilities for the communities we serve. This agreement reaffirms the commitment and trust various stakeholders have in this project.”