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Horizon starts to deliver
Originally published:  01/05/2009
The first of a number of major terminal projects in which UAE-based Horizon Terminals is involved has opened for business.
Horizon Taeyoung Korea Terminals was formed in 2006 when Horizon bought a 50 per cent interest in Taeyoung Industries' terminal operation. A significant expansion was planned, which came to fruition earlier this month, taking total capacity from 99,100 m³ up to 230,850 m³ through the addition of 25 new tanks.
Saeed Abdullah Khoory, CEO of ENOC Group, Horizon's parent company, said at the opening of the $76m expansion: "The completion of the project is a significant milestone for us at ENOC Group and Horizon Terminals Limited. We are confident that the project will open new doors for us in the development of the petrochemical storage business in the region.
"Ulsan is a strategic location and I thank the authorities for their support. We are indeed privileged to play a role in the economic dynamic of the country."
Elsewhere, Horizon Terminals has reached agreement under a build, own, operate and transfer (BOOT) deal for an international petroleum storage terminal at the port of Tangiers in Morocco. The port authority is investing $1.6bn to develop its facilities with a view to becoming a competitive and strategically located international port, of which the petroleum terminal is a crucial element. The terminal will have an initial capacity of 308,000 m3, handling gasoil, fuel oil and gasolines.
The Tangiers petroleum storage terminal will help solve the shortage in storage facilities in northern Morocco, which in turn should help reduce the historical costs associated with the supply of gasoil and gasoline from central Morocco to the north. In addition, the Tangiers terminal will provide bunker services as well as serve the transit market for international petroleum marketing companies.
Other current projects include a 360,000 m³ expansion of the petroleum terminal at Fujairah, a 14,000 m³ expansion of the chemical terminal at Jebel Ali, Dubai and a third phase of construction in Singapore.
Work on a new terminal in Indonesia's Merak City with a planned capacity between 200,000 and 250,000 m³ is expected to commence later this year.