The United Arab Emirates Petroleum and Gas Investments Company agreed to rent oil storage facilities in the Emirates to the French company Total, in light of the rapid depletion of crude storage places around the world.

Sources told Reuters that the UAE company will rent 6 storage tanks in the Emirate of Fujairah for a period of 6 months with the possibility of extension for another six months.

The sources added that the tanks, which are used to store oil products, have already received preliminary shipments.

Storage sites around the world are filling up at a rapid pace with general isolation measures aimed at curbing the spread of the Coruna virus and its impact on consumption.

This led to a decline in global demand for crude and its products such as gasoline, diesel and aviation fuel by up to 30%.

Borouge plans to increase the storage capacity of crude oil and its products to about 3.5 million cubic meters from one million cubic meters at the present time.