Hamad Al Sharqi issues decree establishing Fujairah Zone for Petroleum Industry

Fujairah, April 28, 2011 (WAM) - H.H. Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah has issued an Emiri decree establishing the Fujairah Zone for Petroleum Industry "FOZ" concerned with all petroleum affairs and products and hydro-carbon industries, including oil and gas industry along with providing infrastructure and facilities, buildings, and administrative services to investors.
The decree also stipulated that "FOZ" shall set up petroleum strategies for investment and the organisation of petroleum and hydrocarbon industries, refineries and transport, storage and construction processes.
FOZ will also organise transactions and activities relating to the issuance of approvals and licenses to companies, institutions and bodies operating in the region along with renovation and leasing of land and property within its scope through the use of the latest technologies and best services for the development of the petroleum industry taking into account the quality of production and implementation, to contribute to UAE's empowerment in the field of petroleum.
According to Decree the FOZ will strengthen role of the private sector and provide support to companies and petroleum organizations and institutions, research centres and technological development in the field of petroleum industry. It will also facilitate the administrative procedures for institutions and companies in the region to the other official bodies.
FOZ will include 136 tanks with a storage capacity of three million cubic meters, and on completion by the end of year 2012, it would reach to 262 tanks with a capacity of seven million cubic meters for the storage and export of crude oil and petroleum products. - Emirates News Agency, WAM