Gulf Petrochem will invest about $80mn over the next 12 months as part of its expansion plans in Fujairah and East Africa, a top company executive told Gulf News.
“We are planning to spend about $25mn to 30 mn in acquiring new terminals in East Africa and about $50mn in adding new tankage in Fujairah,” said Thangapandian Srinivasalu, executive director of Gulf Petrochem.
The construction work in Fujairah will start next year and the project is expected to be completed by March 2017.
“We are going to add around 260,000 cubes in Fujairah. These tanks will not only cater to trading activity but will also support the refining activity which we are planning,” said Srinivasalu.
He added that Gulf Petrochem is looking at acquiring terminals in Dar es Salaam in Tanzania and in Mombasa in Kenya.
“The next decade belongs to Africa and there are tremendous business opportunities in East Africa, which is politically stable and secure. There is steady growth of 5 to 7% in Tanzania, Kenya and Uganda.”
