July 06 2006   US$ 50 MILLION EXPANSION FOR HORIZON TERMINAL LIMITED IN KSA New petroleum terminal to be constructed alongside existing chemical storage facility Dubai, July 2, 2006: In a significant move that consolidates Horizon Terminals Limited (HTL position as the leading Terminal operator in the region, the Board of Directors of Arabtank Terminals Ltd in Yanbu, , have authorised a $50 million expansion to build a petroleum terminal alongside the existing chemical storage facility in the Kingdom. Arabtank Terminals is managed by Horizon Terminals Ltd( a member of the ENOC Group) Hussain Sultan, ENOC Group Chief Executive and Board Member said: “This is an exciting development and, along with the Horizon Djibouti Terminal, further strengthens Horizon’s hold on the important Red Sea trade routes. Since ENOC’s initial investment in Arabtank in 2002, it has always been the intention to provide petroleum storage, blending and handling facilities at the site.” The Pipeline connection to the Aramco/Mobil refinery, SAMREF, and existing jetties will form part of the work to be undertaken by Belleli Energy who has been awarded the Design & Build Contract for the entire facility. “Arabtank is the Kingdom’s first independent storage facility and has been granted ‘bonded storage status’, which is another first,” said Yusr Sultan, Horizons CEO, adding: “Along with its strategic location, part way besides the Red Sea, Arabtank is perfect for either contango cargoes or consolidation/ break bulk operations.” » Back © Copyright 2006, HORIZON TERMINALS