Vitol starts operations at new storage facility

Major independent oil trader Vitol has commenced operations at its new 560,000-cubic-meter storage facility in the United Arab Emirates port of Fujairah, a senior company official said. The facility is part of Vitol’s US$150 million incremental investment in expanding and revamping its assets in Fujairah said Chris Bake, Vitol Dubai’s managing director. The combined storage capacity being built will take Vitol’s total volume at the port to around 1.1 million cubic meters. Vitol in 2007 acquired a storage facility in Fujairah, which is the world’s second-largest marine fuels market and handles around 10 million tons a year. (September 1, 2009)