The contract duration for the first two tanks, which will be located in Fujairah, is 18 months. The remaining works are due for completion in 21.5 months.

The other bidders were US-based Chicago Bridge & Iron (CB&I) at $180m, India’s Punj Lloyd at $225m, and S-Tank at $250m.

The 370-kilometre, 48-inch diameter Adcop pipeline scheme will have a capacity of up to 1.5 million barrels a day. It also includes a new 1 million-barrel main oil terminal at Fujairah and three single point mooring buoys for deepwater tanking loading.

The pipeline will provide the first direct outlet for Abu Dhabi crude outside the Gulf, bypassing the Strait of Hormuz.

Australia's WorleyParsons is the project management consultant on the scheme. Abu Dhabi government owned International Petroleum Investment Company (Ipic) is the client (MEED 8:6:08).