UAE a global bunkering hub now: Fujairah CP

Fujairah / WAM

Fujairah’s quest to develop its energy sector within the UAE’s national
energy strategy has catapulted the country to become a world leading bunkering hub, HH Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi, Crown Prince of Fujairah, said on Thursday.
“The launch on Wednesday of the first Very Large Crude Carrier Jetty on the Indian Ocean Coast of the Arabian Peninsula was a major milestone in the region’s energy industry,” Sheikh Mohammed said while delivering the keynote address at the Gulf Intelligence Energy Markets Forum 2016.
Held under the patronage of HH Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah, under the theme “Commodity super supply cycle: Navigating Era of Plenty on South-South Corridor”, the event discussed how Middle East’s oil benchmarks can evolve to merge into the global pricing fabric and how Fujairah port can deepen its global footprint.
Experts also took up a wide range of issues including the Gulf’s benefit from India’s push to become a refining superpower by 2025, strategies to manage excess products as the Gulf’s Infrastructure flourishes, the five best ways to leverage Fujairah’s position as a global energy hub, and the next steps to establish independent Middle East oil benchmarks to facilitate oversupply in the South-South Corridor.
The Gulf Intelligence Energy Markets Forum, now in its sixth year, has established itself as the signature annual event in the Gulf for C-level executives engaged in the trading, storing, refining, marketing and shipping of energy to gather and exchange knowledge on relevant and timely trends impacting their industry. Mohammed Obeid bin Majed, Director of Fujairah Department of Industry and Economy, addressed the forum. Sheikh Saleh bin Mohammed Al Sharqi, Chairman of Fujairah Department of Industry and Economy, a number of industry leaders and CEOs of international and national oil companies attended the event.