ADC Signs One Hundred Million Dollar Project Agreement

Aqaba Development Corporation (ADC), the central development arm of the Aqaba Special Economic Zone Authority (ASEZA), signed a forty-year lease and development agreement with Oil Petroleum Products Storage & Logistics Company (PSC) to establish the Aqaba Storage Terminal for Crude Oil & Petroleum Products. With an investment value of one hundred-million-dollars, this project is to create and develop specialized tanks for storing, exporting and importing petroleum products and crude oil. It will also provide logistic and handling services.

The agreement was signed under the patronage of His Excellency Eng. Nayef Bakhit, ASEZA Chief Commissioner. H.E emphasized the importance of the agreement explaining that establishing this qualitative project in Aqaba, comes as a tribute to the efforts made to achieve the royal vision of the special economic zone, especially regarding attracting investments in the energy and logistics sectors. Bakhit added, that ASEZA, through its development arm (Aqaba Development Corporation), seeks to avail needed infrastructure and logistics facilities to enable Aqaba to assume its global position as a trade and logistics hub serving the Middle East region and beyond. 

His excellency the Iraqi Ambassador in Amman Mr. Haydar Al-Athari, who was present at the signing; expressed his gladness of the project which shall be a Quantum leap in the field of storage, and will constitute a strategic point for the benefit of many countries producing and exporting oil of the region, indicating that the strategic location of the project adds to its importance as it is close to the ports of the Gulf, the African Continent and the Mediterranean, which makes it Intuitive to depend on it in exporting oil.

H.E Mr. Bashar Abu Rumman, CEO of ADC, who signed the agreement on behalf of ADC noted, "This project comes as a vital addition to Aqaba’s logistics network and energy infrastructure.” He added, “The project, encompassing an area of eighty-three dunoms (83,000 sqm.) is located at the southern industrial zone, adjacent to the Oil Terminal”. Abu Rumman explained, “With a storage capacity of about three hundred and sixty thousand cubic meters, which is equivalent to more than two million barrels of oil products and crude oil, it is worth noting that these tanks will be linked via a pipeline with Aqaba Oil Terminal, which was recently rehabilitated by ADC to accommodate international standards in terms of efficiency, public safety and environmental requirements.”

Abu Rumman stated, “Aqaba Oil Terminal enjoys an annual handling capacity of 20 million tons in addition to its night handling capabilities, significantly boosting the zone’s potential in the oil storage and distribution sector and remains as a great asset to Aqaba’s logistics supply chain and ports community.”

Signing the agreement on behalf of Oil Petroleum Products Storage & Logistics Company (PSC), was Dr. Ahmed Al-Jubouri, Chairman of the Board of Directors, who stated, “We look forward to implementing the project within the set-time-frame as the selection of Aqaba came due to our faithin its evolving logistical and ports capabilities, as well as the investment environment that distinguishes Aqaba city. Such project would not have been possible without the efforts of his Majesty King Abdulla II who is the lead sponsor of investment, with his continuous support to achieve the optimal investment environment, to push the economy forward and put Jordan in the ranks of developed countries” On the project’s scope of work, he commented, “The project will offer two models, one for Crude Oil and the other for petrochemicals, and this project is one of its kind in the region that is dedicated for Crude Oil storage, which makes Jordan the first storage platform for this vital element in the economics of any country."

Eng. Fawzi Elia / Project Manager and Vice Chairman at OPPL clarified: "Our company is specialized in oil services and petroleum products. Our Company applies the highest international standards in public safety and the environmental standards, and applies highest quality assurance measures during the construction, operation and storage stages. We shall be committed to the highest level of technical standards during the execution of the project, to comply with global criteria, as done in our previously executed projects within the region &specifically in South of Aqaba."