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The group will increase its storage capabilities by 243,280 cbm bringing total capacity at its Fujairah terminal to 655,280.
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The Dubai utility's continuous spending aims to provide a reliable infrastructure to meet the requirements for development.
"I do feel that the market has overshot on the low side and that it is inevitable [that it will] start turning up."
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Hellenic Petroleum and the National Iranian Oil Company (NIOC) have reached a long term agreement.
The BIOjet Initiative is aligned with the Abu Dhabi Economic Vision 2030, which seeks to develop sustainable energy sources to diversify the UAE economy and increase workforce opportunities for Emiratis.
The oil and gas industry has the lowest representation of female professionals among all employers and ranks below technology.
The agreement comes less than a month after Masdar and its partners inaugurated a 117MW Tafila wind farm in the kingdom.
Gulf countries stand to save $87 billion from lower oil and natural gas consumption if they achieve goals for renewables use by 2030.
Minister releases UAE energy report which focuses on diversification efforts.