| Feb 19 2012 |
ENOC inaugurates AED 667 million Horizon Terminals Ltd facility in Tangier
Building on its continuous efforts to expand its network of terminals across the world, Horizon Terminals Limited (HTL), a wholly owned subsidiary of Emirates National Oil Company (ENOC), has inaugurated a new facility in Tangier, Morocco, with a total investment value of AED 667 million (US$180 million; Euro 140 million).
The new 'Horizon Tangier Terminals Ltd' has a strategic location on the North African coast at the western entrance to the Strait of Gibraltar where the Mediterranean Sea meets the Atlantic Ocean. It is located at the crossing of two major maritime routes, and well positioned to draw on business with Europe, with the facility only 15 km from the European Union.
His Excellency Fouad Douiri, Minister of Energy, Mines, Water & Environment; His Excellency Aziz Rebbah, Minister of Infrastructure & Transport; His Excellency Mohamed Najib Boulif, Deputy Minister to the Prime Minister in charge of General Businesses & Governance; His Excellency Abedlkader A‚mara, Minister of Industry Trade & New Technologies; His Excellency Mohamed Hassad, Governor (Wali) of Tangier Province and Saeed Abdulla Khoory, Chief Executive Officer of ENOC attended the ceremony held in Tangier recently to mark the official opening of the facility.
Horizon Tangier Terminal can store petroleum products including Fuel Oil, Gasoline, Gasoil with a total capacity of 508,000 cubic metres, and has access to road tankers and vessels. The terminal is equipped with two berths of 30,000 DWT to 70,000 DWT in addition to eight truck loading bays for petroleum products, rail wagon loading, blend plant and recirculation systems.
Saeed Abdulla Khoory said: "We are thankful to the Government of Morocco for the continued support and encouragement for the opening of the new facility. Horizon Tangier Terminal not only highlights the growing footprint of our storage business internationally, but is a strong indicator of the international expansion plans of ENOC group. The terminal will contribute to the overall social and economic growth of Morocco, drive foreign trade and open up new opportunities for business in the petroleum sector. ENOC is committed to introducing global best practices at the terminal."
Horizon Tangier's new petroleum storage terminal has several advantages. It is uniquely positioned to help address the shortage in storage facilities in North Morocco, which in turn can help reduce the historical costs associated with the supply of gasoil and motor gasoline that comes from central Morocco to the north and eventually contribute to the growth of the Northern region.
In addition to supplying the Northern region's requirements, the Tangier terminal will also provide bunker services as well as serve the transit market for international petroleum marketing companies.
HTL, the independent terminal arm of ENOC, manages more than 5 million CBM of storage with a network of nine terminals ranging in location from South Korea to Morocco. It provides world-class terminal services for bulk liquids storage as well as a range of value-added logistics services.