Vienna – 19 June 2019

FOIZ participating in 5th Technical Meeting of OPEC and Non-OPEC Countries – Participating in the Declaration of Cooperation (DoC).

The Declaration of Cooperation constitutes an unprecedented milestone in the history of the Organization of the Petroleum Exporting Countries (OPEC). The Member Countries of OPEC coordinated with 11 non-OPEC oil producing countries in a concerted effort to accelerate the stabilization of the global oil market through voluntary production adjustments, which amounted to approximately 1.8 million barrels per day.

The meeting included a session about the rise in Fujairah Hub, where the purpose was to analyse the growing role of Fujairah as a major bunkering, storage and trading hub within fast changing market structure and conditions. To have insight views on current infrastructure and expansion plans in the hub. To listen to perspectives of a private company engagement in the hub, its investments and programme to adapt to new IMO 2020 regulations.