UAE, Korea to jointly build world’s largest oil storage facility
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Abu Dhabi National Oil Company (Adnoc) signed a Dh4.4 billion deal with South Korea’s SK Engineering & Construction (SKEC) to build the world’s largest crude oil facility in Fujairah with a capacity of 42 million barrels. Dr. Sultan Ahmad Al Jaber, UAE Minister of State and Adnoc Group CEO, emphasized that the construction of the world’s largest single underground project ever awarded for oil storage will enhance the UAE’s energy security; it will also strengthen Adnoc’s ability to respond efficiently and competitively to the needs of customers, while also providing Adnoc with greater flexibility to proactively respond to market needs and commercial opportunities.