Minerva Saudi is pleased to announce the deployment of a 113,000 cubic meter Floating Storage Unit (FSU) at Jeddah Islamic Port. This marks a significant milestone in Minerva's ongoing commitment to developing Saudi Arabia's maritime services economy, a key component of the Kingdom's Vision 2030.
Strategic Deployment in the Red Sea
The FSU greatly enhances the efficiency of the Red Sea marine fuels supply chain, from bulk cargo sourcing and blending to bunker tanker loadings and delivery to oceangoing vessels for their final consumption. The activation of a bonded customs zone encompassing the FSU enables the seamless clearance of imports and exports.
The FSU stores all three principal grades of marine fuels: Very Low Sulfur Fuel Oil (VLSFO), High Sulfur Fuel Oil (HSFO), and Marine Gas Oil (MGO). The FSU primarily supplies Minerva's fleet of modern bunker tankers for further delivery to client vessels across Jeddah Islamic Port, Yanbu Commercial Port, Yanbu Industrial Port, King Abdullah Port, and Jazan. This new logistics system can also facilitate the provision of cargo to other licensed bunker suppliers.
Innovation Through Collaboration
Minerva Saudi and its extensive collaboration with key Saudi authorities, including the Ministry of Energy, Saudi Ports Authority, Zakat Tax and Customs Authority (ZATCA), and the Transport General Authority, have brought innovation to the KSA bunkering market. The registration of a ship as a bonded customs warehouse is an innovative structure, enabling highly efficient operations while maintaining complete customs control over goods entering and exiting KSA. Furthermore, Minerva's digital bunkering service, powered by ADP technology (@adpclear.io), provides world-leading operational efficiency, certainty over fuel quantity, transparency into fuel quality, and real-time reporting to authorities, including ZATCA.
