Most refineries in the Middle East are back after works. Some maintenance continues at refineries in Iran and Syria.
Oil product stockpiles at the UAE’s port of Fujairah have fallen to a four-month low, led by a decline in fuel for power generation and marine bunkers, according to Fujairah Oil Industry Zone. Total inventories stood at 18.747 million barrels on August 2, down 10.5 percent from a week earlier and the lowest since March 22, data showed.
Bunker demand has been strengthening across many ports, including Fujairah, as economies recover from COVID-19 and generate more demand for goods shipped by sea, Apurva Mali, founder of bunker supplier Masc Co DMCC in Dubai, said.
Separately, the UAE’s $1 billion green ammonia project in Khalifa Industrial Zone Abu Dhabi will start production in the second quarter of 2024 and target exports mainly to Europe and the US, a KIZAD official said, as OPEC’s third-largest oil producer invests in a clean energy pivot.
Helios Industry, an Abu Dhabi-based privately owned special project vehicle company set up to design, develop, finance, construct, own and operate the project in KIZAD, plans to start producing 40,000 mt/year of green ammonia in the first phase, said Mansoor al-Marar, the director of commercial zones in KIZAD.
KIZAD is a unit of state-owned Abu Dhabi Ports. In the second phase of the project, production will rise to the full capacity of 200,000 mt/year starting from the fourth quarter of 2026, he added.
Abu Dhabi, the oil-rich emirate in the seven-member UAE federation, is investing billions of dollars in green and blue hydrogen and ammonia projects as it seeks to capitalise on the global thirst for clean energy products.
For more information visit www.fujairahport.ae
