NRI businessman’s firm opens fuel storage plant in UAE
Dubai: An NRI businessman has set up a USD 19 million state-of-the-art high-tech facility in the UAE to support his company’s 2 billion dirham fuel trading operations in the Gulf country.
The Fuel Storage and Processing Tank Farm facility is part of Sheikh Mohammed Sharif’s Khushi Group’s expansion strategy. It is expected to support the expansion of the group’s Dh 2 billion fuel trading business and take it to the next level.
Directions Fuel Trading (DFT) LLC, a member of the USD 1.6 billion (6 billion dirhams) diversified UAE conglomerate, has opened its USD 19 million state-of-the-art high-tech Fuel Storage and Processing Tank Farm facility at Al Jurf Industrial Area in Ajman. DFT, a major player in the UAE’s gasoil and other fuel oil business, handles over 500,000 gallons of fuel per day.
The new storage and fuel processing facility has six tanks – large enough to store 2.5 million gallons (10,000 metric tonnes) of gasoil And furnace oil.
“Our investment in fuel storage and processing plant amid falling global crude prices reflects our firm belief in the UAE economy and its resilience and our determination to invest in the UAE,” said Sharif.
“Despite price volatility in the global crude oil price movement, the gasoil and fuel oil market will continue to grow in the UAE due to its less reliance on hydrocarbon and the continued activities in the construction, transport, logistics, infrastructure, and industrial development – the main sectors that consume fuel oil and gasoil,” he said. This is the first phase of a multi-phased expansion plan.
The new storage facility and customer service centre will be able to manage the group’s fuel trading business and increasing fuel processing needs, he said.