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Fujairah's Oil Caves Due Next Year

OIL

Abu Dhabi’s ADNOC is set to open giant oil caverns in the mountains of Fujairah next year, delayed by a year according to Platts.

  • The project has the capacity to store 42 million barrels of crude with the intention of supporting ADNOC’s broader move into trading as well as its ambitions to increase production capacity from 4 million bpd to 5 million bpd by 2030.
  • The caverns will be able to store three different types of crude, including the flagship Murban grade. The project was primarily delayed because of covid.
Energy BulletsCommodities
Energy BulletsCommodities

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