Directions Fuel Trading (DFT), a member of the UAE conglomerate Khushi Group, said it has invested USD19.05 million at its newly opened fuel storage and processing tank farm at Al Jurf Industrial Area in Ajman.
According to DFT, the new storage and fuel processing facility has six tanks, large enough to store 10,000 metric tons of gasoil and furnace oil. The facility is expected to support the expansion of DFT’s USD544.35 million fuel trading business.
Sheikh Mohammed Sharif, chairman of the Khushi Group, said that even though global crude oil prices are volatile, the gasoil and fuel oil market in the UAE will continue to grow because it does not depend as much on hydrocarbon, and because the construction, transport, logistics and industrial development sectors will continue to support it.
“We are confident about the recovery of the oil price and the long-term sustainability of the UAE economy as well as the fuel trading sector,” Sharif said. “Our current investment is part of our overall growth and investment strategy for 2015 and the years ahead.”