Sinopec Kantons Holdings (HKG:0934) has agreed to acquire 50% interest in Fujairah Oil Terminal FZC for US$25.05 million (HK$195 million). Moreover, Sinopec Kantons may request to purchase the control shares, representing 1% of the issued share capital of Fujairah Oil Terminal FZC (FOT), for US$9.001 million (HK$70.028 million).

FOT will principally engage in operating oil storage facilities in Fujairah Free Zone, United Arab Emirates and it will develop an oil storage project with a capacity of 1.125 million cubic metre in the Emirate of Fujairah, and more specifically located adjacent to the Port of Fujairah, United Arab Emirates.

In connection with the development of the project by FOT, Sinomart Development and FOT entered into the commercial storage agreement, pursuant to which FOT will provide services to Sinomart Development at the oil depot operated by FOT in Fujairah port, United Arab Emirates.