Horizon gives HSBC mandate for financing its facility at Jurong Island

This transaction is another significant milestone in the long standing relationship between HSBC and Emirates National Oil Co. Ltd. (ENOC) LLC, Horizon Terminals' parent company.
HSTPL, a joint venture established by Horizon Terminals Limited (a wholly owned subsidiary of ENOC), Martank BV (wholly owned by Vitol Holding BV), SK Energy Asia Pte.Ltd. (wholly owned by SK Corp), Independent Petroleum Group, Kuwait and Boreh International FZE, has begun construction of its SGD 343 million terminal on 39 hectares at Singapore's Banyan Basin, Jurong Island.
The construction of the terminal is due for completion within 18 months with commissioning scheduled for 3rd Quarter 2006. The facility will be capable of handling Class 1, 2 and 3 petroleum products.

The project, which has the full support of the Singapore Government, is considered a milestone in the development of Banyan Jurong Island as a key global terminalling hub and in Singapore's determination to maintain its standing as one of the world's biggest oil products trading centres.
Hussain Sultan, Group Chief Executive and Board Member, ENOC and Chairman of HSTPL, said, "ENOC sees Singapore and the rest of South East Asia as an area of strategic importance and is very pleased to have embarked on this project along with its partners. This mandate enables ENOC and Horizon Terminals to tap into HSBC's vast experience and know-how in corporate and project finance as well as its extensive presence and knowledge in Asia."

Paul Lawrence, Chief Executive Officer of HSBC in Singapore said, "HSBC is delighted to have given this important mandate which allows us to participate and contribute to this major industry development. We are excited to have this opportunity to bring our corporate and project finance experience and capabilities to bear on this initiative to meet the needs of ENOC and Horizon Terminals and help these valued clients realise their strategic business goals.