Port of Fujairah to publish weekly oil inventory data
Sept 26, 2016: The United Arab Emirates port of Fujairah will publish weekly inventory data to improve transparency and boost the credentials of the Emirates' only Indian Ocean port that has oil export facilities.
Given the low crude oil prices, this move is in line with the UAE government's 2021 Vision to open up its data. The country's energy minister, Suhail Al Mazroui, says it will bolster Fujairah's drive to replicating the practices of leading global energy trading ports such as Singapore and Rotterdam.
On September 21, Fujiarah unveiled UAE's first Very Large Crude Carrier (VLCC) jetty which can handle the loading/unloading of up to two million barrels per vessel. At an average investment of AED 650million, the construction of a second jetty already underway.
At the time of the jetty's inauguration, the port received another boost after global energy data provider Platts announced it would publish independent, outright price assessments for a range of oil products for the Middle East market on a FOB [Free-On-Board] Fujairah basis starting on October 3, 2016.
The new assessments are for gasoline, diesel/gasoil, jet fuel and fuel oil. They will be published alongside existing data for these products which derive their values from the price assessments at Singapore after adjusting for shipping costs.