UAE builds largest oil reservoir in the world

Abu Dhabi's national oil company (ADNOC) and the South Korean company SK Engineering and Construction signed an agreement Wednesday on the construction of the largest oil reservoir in the world.

The project will have a capacity of 42 million barrels at a cost of 4.4 billion Australian dollars ($ 1.2 billion) and will be built in Fujairah, on the east coast of the United Arab Emirates.

The project agreement was signed during the visit of the Crown Prince of Abu Dhabi to South Korea on Wednesday and the work is expected to be completed by 2022.

The South Korean company will carry out engineering, procurement and construction of three underground storage depots with a capacity of 14 million barrels, according to WAM.

The new ADNOC project will provide more flexibility to manage and improve delivery times.

Sultan Al Jaber, Chief Executive Officer of ADNOC, said: "This giant project allows ADNOC to continue to meet its commitments to its customers, establish its position as a reliable oil supplier and support its commercial ambitions by strengthening its ability to respond effectively and competitively to various energy market scenarios. "

Last November, ADNOC signed a memorandum of understanding with India's Strategic Petroleum Reserves Company to study the storage of raw crude Adnoc crude oil at a new underground facility in Padur, Karnataka, India, as well as for 6.3 million tonnes of crude oil. barrels of crude oil at Kerry Harbor. Kagoshima in southern Japan.

Source: WAM