State-owned Saudi Ports Authority (Mawani) has signed a land lease contract with Riyadh-based National Petroleum & Petrochemical Tanks & Pipeline Co. (Petrotank) to set up an integrated marine bunkering hub at King Fahad Industrial Port in Yanbu.

The project will cover an area of 110,700 square meters, with a total investment of 500 million Saudi riyal ($133.24 million), Mawani said in a statement.

The project will be operated under a 20-year lease.

The addition of fuel and oil storage infrastructure aligns with the objectives of the National Transport and Logistics Strategy, which aims to support the Kingdom’s status as a global logistics hub bridging three continents.

Petrotank currently operates an existing fueling station at King Fahad Industrial Port in Yanbu, comprising eight tanks with a storage capacity of 114,000 cubic metres

King Fahad Industrial Port spans 6.8 square kilometres, features 34 berths and 10 terminals, and has an annual throughput capacity of 210 million tonnes.
Source: Reuters (Editing by Anoop Menon)