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 coast of the United Arab Emirates (UAE). According to ADNOC, the contract is the world’s largest for a single project for underground crude oil storage and is valued at US$1.2 billion (4.4 billion UAE dirhams). Work on the project started last year and the first phase—the construction of an access tunnel—has been completed, ADNOC said. The underground oil storage project is expected to be […]