The two double-wall propane and butane tanks, which will be the biggest of their kind in the Middle East, are to be completed in 27 months.
The agreement includes an option for two additional LPG tanks.
The propane tank will have a capacity of 125,000 cubic metres with the second able to store 110,000 cubic metres of butane.
The contract was awarded by an Italian-led consortium, which earlier this year won the engineering, procurement and construction (EPC) contract for phase one of AKG-1.
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