Fujairah is strategically positioned at the crossroads of a new energy corridor opening up East of Suez to Asia, according to a new report.
The emirate, located on the coast of the Arabian Sea, is transforming into a major platform for local, regional and international companies seeking to expand their footprint into other parts of the world, according to a Gulf Intelligence Special Report on Fujairah.
HH Sheikh Saleh Bin Mohammed Bin Hamad Al Sharqi, Chairman of the Department of Industry and Economy, Fujairah and Chairman of the Board of Port of Fujairah said: “Over the past decade, Fujairah has experienced tremendous growth.
“Notably in 2012, the Abu Dhabi Crude Oil Pipeline came on stream - providing Abu Dhabi with an export outlet for crude from the Habshan field via Fujairah. In addition, Fujairah is currently planning refining, petrochemical and LNG regasification facilities for the future.”
The importance of pipeline and storage in locations such as Fujairah has become increasingly important in times of high geopolitical instability. As a result, the Gulf region will likely see major additions of oil storage capacity in locations such as Fujairah, and Sohar, Ras Markaz and Duqm in Oman.
According to a poll taken at the Gulf Intelligence 2014 Energy Markets Forum, 62 per cent of senior energy executives believe that in the long-term additional storage capacity will be needed and that new storage facilities won't create a surplus of capacity in the region.
Fujairah's increasingly international posture has furthered the emirate's aspirations of becoming a global energy hub, and benefitted the local economy in line with the Fujairah 2040 Framework plan.