Petrochem Middle East to set up $90m chemical terminal
13 July 2021
DP World, UAE, and Petrochem Middle East announced in a statement that they have signed a 30-year lease agreement that expands their business in the region. Petrochem Middle East will invest between USD 80M to USD 90M in developing a chemical terminal on Quay 7, adjacent to the dedicated chemical handling berth within Jebel Ali Port.
The agreement was signed by Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, and Yogesh Mehta, CEO, Petrochem Middle East, in the presence of Abdulla Bin Damithan, CEO & Managing Director, DP World – UAE Region and Jafza.
The facility is expected to be completed by the third quarter of 2023 and will provide chemical raw materials in large volumes to traditional and new industries coming in the UAE.
In its peak capacity, the terminal will have a capacity of approximately 40,000 CBM for the storage of various products and will also be fitted with distillation and processing units.
It is likely to contribute annually to upwards of USD 200M of new trade to and from Dubai thereby contributing to the DP World Trade Bridges and the 2 trillion project.
DP World, UAE Region’s trade and logistics hub including Jebel Ali Port and Jebel Ali Free Zone (Jafza), has contributed for years to the region’s chemicals’ trade and logistics with its state-of-the-art ecosystem.