The Abu Dhabi National Oil Company (ADNOC) announced on Wednesday that it is building the world’s largest single underground project ever awarded for oil storage, with a capacity of 42 million barrels of crude oil, in the Emirate of Fujairah on the eastern coast of the United Arab Emirates (UAE).
An Engineering, Procurement and Construction contract has been awarded to South Korea’s SK Engineering and Construction Co. Ltd to construct the three underground storage caverns, each with a capacity of 14 million barrels, deep below ground level, a statement said.
The EPC contract is the largest for a single project award for underground crude oil storage in the world and is valued at AED 4.4 billion ($1.21 billion), the statement added.
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