Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) on Wednesday signed an agreement with South Korea Engineering and Construction company (SKEC) to build the world’s largest crude oil storage facility in the UAE.
The deal was signed by Sheikh Mohamed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces and South Korean President Moon Jae-in.
Located in the northern emirate of Fujairah, the facility’s total cost amounted to AED 4.4 billion, Sheikh Mohamed said on Twitter.
The new facility will have a capacity of 42 million barrels of crude storage, while the project’s timeframe wasn’t disclosed.
On Tuesday, ADNOC has signed three framework agreements with South Korean energy companies are the Korea Gas Corporation (KOGAS), the Korea National Oil Company (KNOC) and GS Energy.
