Enoc's multi-million-dirham oil storage project in Singapore will go ahead as scheduled, said Hussain Sultan, CEO of Emirates National Oil Co.
"CAO was never a partner to put the project on hold, it didn't pay its role," Sultan told Gulf News.
His comments came after China Aviation Oil (Singapore) Corp Ltd announced that it has put on hold a $135 million (Dh495.5 million) project to build a petrochemical storage hub located off the west coast of Singapore by early 2006.
CAO is now seeking court protection after losing $550 million (Dh2 billion) in speculative derivatives trading through a series of bad bets on oil prices, according to court documents obtained yesterday.
"We have enough partners to go ahead with the project," Sultan said. "CAO asked to join the venture with us. We are the party who manages the project. It is one of our biggest projects."
Enoc holds a 45 per cent stake in the project, with CAO Singapore holding 25 per cent and the remainder held by a group of investors.
The first phase of the Enoc oil terminal project costs about Dh160 million, according to Sultan. It is to be built on Jurong Island, and will comprise a 500,000 cubic metre bulk liquid terminal for petroleum, chemicals and vegetable oil products.
CAO's announcement came amid a rift with its Beijing parent and speculation the company will be restructured, Reuters reported earlier.
