The impact of the escalation of violence across West Asia can be seen across the world, including India. JSW Infrastructure’s storage tanks at the Fujairah Liquid Terminal was damaged on March 3 after debris from an intercepted drone fell inside the facility.
The company operates 15 tanks at the terminal. Only one tank sustained damage, while the remaining 14 are safe.
The share price of JSW Infrastructure op declined 1.93% in early trade on Match 4.
JSW Infra says no injuries after debris impact at Fujairah terminal
JSW Infrastructure said in its BSE release that it activated emergency response procedures immediately after detecting the debris impact. It added that the company followed established safety protocols and worked closely with local authorities and its onsite safety teams to contain the situation.
There were no injuries, and all personnel at the terminal are safe, the company said.
JSW Infra said the facility has adequate insurance coverage. It has begun a detailed technical assessment to evaluate the structural impact of the damage and prepare a restoration plan.
What is JSW Infra’s Fujairah Liquid Terminal?
The Fujairah Liquid Terminal is a large liquid tank storage facility located in Fujairah, United Arab Emirates (UAE) — specifically in the Fujairah Oil Industry Zone (FOIZ) near Port Fujairah.
It’s owned and operated by JSW Terminal (Middle East) FZE, a wholly-owned subsidiary of JSW Infrastructure.
JSW Infrastructure, part of the diversified JSW Group with interests spanning steel, cement, paint and automobiles, is India’s second-largest private port operator. The company specialises in maritime infrastructure and operates one liquid storage terminal and two dry bulk terminals in Fujairah.
Heightened tensions in West Asia have created uncertainty over their impact on Indian markets, Indian companies, crude oil prices, India’s current account deficit (CAD), inflation, and growth. L&T, Adani’s Haifa port and Chabahar port is also in focus.