Singapore-based Chemoil has announced plans to expand its storage capacity in the UAE port of Fujairah to 675,000 cubic metres from the current 90,000 cubic metres, and has taken a $90m loan from banks in Abu Dhabi, Dubai and Singapore to fund the project, Reuters has reported. The project is a joint venture with UAE-based Gulf Petrol Supplies and is expected to cost $130m on completion in 2012.