Intrakat announced on Friday that it has signed an agreement with Ecomar Storage Solutions FZE, an affiliate company of Ecomar Energy Solutions located in Fujairah, United Arab Emirates, for the implementation of the Ecomar Phase 3 Terminal Project.
The company operates in the sectors of processing and trading in oil and natural gas, as well as sustainable safe refining.
The project, with a total budget of $382.73 million, concerns the construction of a new Oil Storage Terminal in the UAE, with a capacity of 1.3 million cubic meters.
The construction of the terminal, which will significantly upgrade the strategic role of the region, is expected to start at the beginning of August and be concluded in a period of four years and in two phases.
The terminal will include 34 new tanks that will be built in compliance with the latest international standards and the most modern, new technology materials.
Intrakat will dynamically enter the field of oil and gas projects, gaining significant experience and know-how, expanding its international footprint and, at the same time, increasing its backlog by $382 million, it said in the announcement. The company’s backlog amounted to €1.32 billion at the end of 2022.
By the end of the year, when the approval process for the acquisition of Aktor is expected to have been completed by the competent authorities, the group’s backlog will significantly exceed the amount of €4 billion.
