IL&FS Group has issued a statement denying recent press reports that it is planning to sell its Fujairah (IPTF) Terminal.
In a statement, IL&FS said: “IL&FS, as the owner of the terminal, deny the content portrayed in these news items in totality. We strongly condemn such erroneous reporting, distorting facts and figures, that tarnishes a most reputed and well performing asset of IL&FS Group.”
The Group said that it continues to remain positive about its oil storage business in the region, despite the current geo-political situation.
The statement continued: “We are pleased to share that the occupancy at the terminal is robust and the Group is going ahead with the planned Phase II expansion and shall provide enhanced facilities and services to the existing and potential customers. The terminal’s revenue is stable and shall continue to be so in future.”