Adnoc has launched a project to more than double the Abu Dhabi state firm’s crude oil storage capacity by 2022. Notably, the new 42mn barrel storage facility will be located outside the Strait of Hormuz chokepoint in the emirate of Fujairah (see map).

Adnoc announced on 27 February that it had signed an AED4.4bn ($1.2bn) contract for the project with Korea’s SK Engineering & Construction. The work entails the construction of “three underground storage caverns, each...