Sheikh Hamad meets delegates from IL and FS

His Highness Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah, at his hilltop palace, Balrmelh, received Ravi Parthasarathy, Chairman of Infrastructure Leasing & Financial Services Limited (IL&FS), an Indian infrastructure development and finance company, one of the leading Indian companies in the areas of development of ports, roads and energy projects and real estate development and restructuring projects and financial services.

 

The company in collaboration with Government of Fujairah will construct facilities for the storage and handling of oil and petroleum products in the oil storage terminal at Fujairah Oil Industry Zone. The land allocated, amounts to around 100,000 square meters in the region near to the Port of Fujairah.

The total storage capacity of the project is about 630.000 cubic meters, with the company beginning to implement the first phase of around  330.000 cubic meters and is expected to be completed during the second half of the year 2014 with an investment first phase of $130 million. The financing for the project includes several banks and financial institutions global and local such as Bank of Baroda and National Bank of Fujairah.

 

He praised His Highness the Ruler of Fujairah on the development witnessed  in the United Arab Emirates under the leadership of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, especially in the field of oil and gas, wishing every success for the project.

 

The meeting was attended by Mohammed Saeed Dhanhani Director of the Emiri Diwan Engineer Mohammed Saif Al Afkham Director of Fujairah Municipality, and Captain Musa Murad director of the port of Fujairah, Dr. Salem Abdo Khalil, Technical Advisor to the Government of Fujairah, and a number of executives to set the Indian company.