Looking to the futures

Siavash Alishahpour tells Tank Storage Magazine about VTTI Fujairah’s plans for growth ON 29 MARCH 2021, the new Intercontinental Exchange (ICE) Futures Abu Dhabi (IFAD) commodities exchange began to trade Murban Crude futures, a new oil benchmark and the UAE’s flagship crude oil. It joined leading futures contracts including Brent and WTI in the ICE network. One Murban futures contract equates to 1,000 bbl of Murban crude oil delivered from the ADNOC Terminal located in Fujairah, UAE. With the launch of Murban futures, other terminals in Fujairah began to spy new opportunities for growth, not least Dutch terminal company VTTI, which has long had a presence in Fujairah. ‘That benchmarking is getting very well established, the trading volume is increasing, and this definitely brings tremendous new opportunities for crude oil storage in Fujairah. This is the opportunity for Fujairah to build and capitalise on its capability for crude oil. We as VTTI are looking into all options,’ says VTTI Fujairah managing director Siavash Alishahpour. Siavash Alishahpour A NEW ACQUISITION VTTI is a relatively young company, celebrating 15 years in business in November 2021, and...