• 3 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 6 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 8 minutes OPEC is no longer an Apex Predator
  • 12 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 2 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 2 hours Australia Sky News Election Summary: "This was the Climate Change Cult Election, and the Climate Change Cult Lost"
  • 6 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 6 hours California Threatens Ban on ICE Cars
  • 21 mins Australian Voters Reject 'Climate Change' Politicians
  • 6 hours IMO2020 To scrub or not to scrub
  • 10 hours Global Warming Making The Rich Richer
  • 6 hours Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 7 days How can Trump 'own' a trade war?
  • 7 days China, U.S. Hold 'Productive' Trade Talks In Beijing
  • 2 hours Some Good News on Climate Change Maybe
  • 6 hours Wonders of Shale- Gas,bringing investments and jobs to the US
  • 7 hours "We cannot be relying on fossil fuels to burn as an energy source at all in our country" - Canadian NDP Political Leader
Alt Text

The Biggest Losers Of The Trade War

The U.S.-China trade war entered…

Alt Text

Can The Bull Run In Oil Markets Continue?

The market is currently trading…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Trending Discussions

UAE To Build World’s Largest Underground Oil Storage Facility

The Abu Dhabi National Oil Company (ADNOC) and South Korea’s SK Engineering and Construction Co. Ltd (SKEC) signed an agreement on Wednesday to build the world’s single largest underground oil storage facility that would boost ADNOC’s flexibility to export crude oil and support its push into oil trading.

ADNOC has awarded SKEC an Engineering, Procurement and Construction (EPC) contract to build three underground storage caverns, each with a capacity to hold 14 million barrels of crude oil, in the Emirate of Fujairah on the eastern coast of the United Arab Emirates (UAE).

According to ADNOC, the contract is the world’s largest for a single project for underground crude oil storage and is valued at US$1.2 billion (4.4 billion UAE dirhams).

Work on the project started last year and the first phase—the construction of an access tunnel—has been completed, ADNOC said. The underground oil storage project is expected to be ready in 2022. 

“Importantly, developing this strategic oil storage mega facility in Fujairah will also support and further enable our broader trading ambitions, strengthening our ability to respond efficiently and competitively to the needs of our customers, while also providing ADNOC with greater flexibility to proactively respond to market needs and commercial opportunities,” Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, said in a statement.

In recent years, ADNOC has signed major deals to boost its downstream business, aiming to lock in future demand for its crude oil.

Last month, ADNOC signed strategic partnership agreements with Italy’s Eni and Austria’s OMV, under which the European oil majors bought minority stakes in ADNOC Refining and the three companies agreed to create a trading joint venture.

“These innovative partnerships will support our ambition of becoming an international downstream leader with the flexibility to respond quickly to shifting market needs and dynamics. They will help enable our objective of unlocking even more value from every barrel of oil we produce,” ADNOC’s Al Jaber said at the signing of the deal at the end of January.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News