This is the first installment of the $110m loan, which will be disbursed in two tranches.

The 641,000 cubic metre oil terminal is a joint venture between Azerbaijan-based Socar Trading, Swiss based commodity trading house Aurora Progress and the Government of Fujairah.

The government of UAE owns 17% stake in Apricorp, reports

The National Bank of Fujairah and Apricorp provided the funding for first tranche loan.