Intrakat and Ecomar Storage signs an agreement

On Friday, Intrakat announced that it had entered into an agreement with Ecomar Storage Solutions FZE, a subsidiary of Ecomar Energy Solutions located in Fujairah, United Arab Emirates. The agreement is for the implementation of the Ecomar Phase 3 Terminal Project. Intrakat is a company engaged in the processing, trading, and sustainable refining of oil and natural gas.

The project entails the construction of a new Oil Storage Terminal in the UAE, with a capacity of 1.3 million cubic meters. With a total budget of $382.73 million, the terminal is expected to significantly enhance the strategic importance of the region. The construction is scheduled to commence in early August and will be carried out in two phases over a four-year period. Compliance with the latest international standards and utilization of cutting-edge technology materials will ensure the construction of 34 new tanks within the terminal.

Intrakat expressed that this project marks its entry into the oil and gas sector, allowing the company to acquire substantial experience and expertise while expanding its international presence. Additionally, the agreement will boost Intrakat’s backlog by $382 million, which stood at €1.32 billion by the end of 2022. By the end of the year, following the completion of the acquisition of Aktor subject to regulatory approval, the group’s backlog is expected to far exceed €4 billion.