horizon_final

March 21 2005
HORIZON TERMINALS' PROJECT - A BIG BOOST TO THE SINGAPORE CHEMICAL LOGISTICS INDUSTRY
Remarks by Mr Lim Swee Say, Minister (Prime Minister's Office) & 2nd Minister for National Development, at Horizon Singapore Terminals Pte Ltd inauguration, 13 Jan 2005, 12:00pm Mr Hussain M Sultan, Group CEO and Board Member of Emirates National Oil Company (ENOC) Mr Yusr Sultan, CEO Horizon Terminals Limited Mr Tayyeb Al Mulla, CEO ENOC International Refining & Marketing, and Director of Horizon Terminals Limited Distinguished Guests Ladies and Gentlemen 1. I am happy to join you here today to witness the inauguration of Horizon Singapore Terminals Pte Ltd. The Horizon Terminals' project is a big boost to the Singapore chemical logistics industry. 2. Singapore is today one of the leading oil business hubs in the world. This is due in no small part to the logistics infrastructure built up over the years. The entry of an experienced terminal operator like Horizon will further strengthen our value proposition to members of the oil industry. It will enhance Singapore's standing as a premier regional logistics hub for petroleum and petrochemical products. 3. The logistics industry in Singapore continues to thrive as flows of raw materials, intermediates and products between Asia and the rest of the world increase. 4. We have maintained our position as a leading gateway to this rapidly growing region, leveraging on our strong physical connectivity, and our unique ability to bring together world-class logistics service providers and manufacturers from all over the globe to successfully manage their supply chains out of Singapore. 5. The inauguration of Horizon Singapore Terminals Pte Ltd marks yet another milestone in our close partnership with ENOC Group of Companies. ENOC's first overseas office was established in Singapore in April 1999, some 5 to 6 years ago. Since then, ENOC Singapore has grown rapidly in its oil trading, marketing and sourcing activities under the Global Trader Programme. The Group is a global player in the oil sector, but its interests stretch beyond the oil sector, from information technology to chemical storage and blending. 6. ENOC's decision to locate its storage and terminalling facilities in Singapore is a demonstration of its confidence and trust in Singapore. We look forward to continue playing a key role as ENOC expands its base of activities in the Asia Pacific region. 7. From a broader perspective, Singapore is keen and committed to welcome and engage more Middle East companies. 8. The Middle East is a resource-rich region that is brimming with economic dynamism. Middle East companies are looking outwards to diversify and internationalize their operations. As trade and business ties between our two regions continue to expand, the potential for multinational cross-investments, technology partnerships, and joint ventures will continue to grow. 9. In the Asia-Pacific, Middle East companies can capitalize on Singapore's strengths to expand and ride on Asia's rapid growth. These strengths include our connectivity to the region and markets; open and transparent business environment, our track record for reliability, trust and efficiency; as well as a critical mass of global players to partner with. 10. Today, some 7,000 multinational corporations, including 4,000 regional headquarters operate in Singapore. The companies hail from diverse regions around the world, including emerging economies. For example, there are also some 1,400 Chinese and 1,500 Indian companies in Singapore today. 11. At the same time, our own local companies are expanding into the region, undertaking new businesses or trying out new technologies. All these developments present exciting opportunities for Singapore to act as a trusted value-adding hub for Middle East investors, be it in manufacturing, services, logistics, procurement, distribution, R&D, or financial services 12. ENOC is an excellent example of a Middle East company that has invested and grown in Singapore. I hope that other companies will follow ENOC's example. 13. I congratulate Horizon Singapore Terminals Pte Ltd on its inauguration. I wish you great success in your exciting endeavors.

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