OREANDA-NEWS. March 29, 2011. Chinese oil major PetroChina is in talks with the government of Fujairah to build oil storage facilities at the Fujairah port, industry and port sources said.

Petrochina, the world's second-most valuable oil firm after Exxon Mobil, is looking to build up to one million cubic meters of storage capacity at the UAE port, the sources said.

"They [PetroChina] have two options available for them," one source said on the condition of anonymity. "They can build on their own or they can work with someone else, it's not clear which option they will pick yet."

Vopak Horizon Fujairah, a joint venture between the Dutch-based Royal Vopak, Horizon Terminals, the government of Fujairah and Kuwait's Independent Petroleum Group (IPG), was among the potential partners of PetroChina, if the company opted to take on one, trade sources said.