Total has announced that it is to store fuel at Fujairah in the UAE.
News agency Reuters reported that a deal has been agreed that will see the French supermajor lease between 75,000-100,000 cubic metres of tank space at the port.
“They [Total] have been looking at tanks for sometime, but it’s been a tight market…they found an opportunity and jumped into it,” an Asia-based fuel oil trader said in comments published by Reuters.
“It makes sense for them to be here especially since they are looking at getting their cargo business going.”
Traders also said that the move to Fujairah opens up the potentially lucrative markets of the Indian sub-continent and East Africa.
The value of the deal was not disclosed.
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