UAE-based Gulf Petrochem plans to float a tender in early February for the estimated $50m expansion of its oil storage terminal in Fujairah.

The company expects to award the engineering, procurement and construction (EPC) contract for the project in April.

The expansion will increase Gulf Petrochem’s capacity in Fujairah to 655,289 cubic metres, from its current capacity of 412,000 cubic metres.

The terminal will house two new jetty lines connected to the matrix manifold of the Port of Fujairah, which will handle crude and oil products.

Group director Prerit Goel says Gulf Petrochem has been largely unaffected by crude price volatility.

The company also has oil storage facilities in Sharjah’s Hamriyah port as well as Pipavav in India, with total capacity of 1.1 million cubic metres worldwide.

In November 2015, Gulf Petrochem commissioned its $60m new terminal at Hamriyah port. The terminal has a capacity of 203,888 cubic metres.