UAE To Build World’s Largest Underground Oil Storage Facility

The Abu Dhabi National Oil Company (ADNOC) and South Korea’s SK Engineering and Construction Co. Ltd (SKEC) signed an agreement on Wednesday to build the world’s single largest underground oil storage facility that would boost ADNOC’s flexibility to export crude oil and support its push into oil trading. ADNOC has awarded SKEC an Engineering, Procurement and Construction (EPC) contract to build three underground storage caverns, each with a capacity to hold 14 million barrels of crude oil, in the Emirate of Fujairah on the eastern…