The project is about Engineering, Procurement and Construction (EPC) contract to build an oil terminal comprising about 400,000 cubic meters of crude tanks connected to a jetty deep enough for very large crude carriers, with flow rates of 12,000 cubic meters an hour, including 700,000 cubic meters of gas-oil, gasoline and fuel oil tanks. It involves construction of a second oil terminal in Fujairah, the second-largest bunkering hub in the world after Singapore. The Oil Terminal will have flexible tank farms that can be switched between gas-oil and gasoline depending on market demand. Abu Dhabi-based company has been appointed as the EPC contractor. Work is expected to commence in October 2016. Financial close for the investment is expected at the end of third quarter of 2016. Commissioning is planned for mid-2018. This terminal is expected to be the only large-scale facility coming on-stream in the period till then. The Port of Fujairah, its adjacent anchorage and the Fujairah Oil Industry Zone, FOIZ, are already well-established as the second largest oil bunkering centre in the world, with a new 250,000 barrels per day oil refinery project being announced earlier this week. A number of other new projects are underway in downstream petrochemicals, urban development, tourism and infrastructure which are expected to increase the emirateÂ’s attractiveness to local and overseas investors.