Abu Dhabi National Oil Co. plans to build in Fujairah what it calls “the world’s largest single underground project ever awarded for oil storage.”
It let an engineering, procurement, and construction contract to SK Engineering & Construction Co. Ltd., Seoul, for three underground storage caverns with capacities of 14 million bbl each.
ADNOC said the $1.21-billion contract is “the largest for a single project award for underground crude oil storage in the world.”
Completion is due in 2022.