On completion, HDTLS's current capacity of 239,650 cbm will go up by more than 50% for storage of petroleum, chemicals, LPG and other liquid products.
Speaking at the signing ceremony, Yusr Sultan, Chief Executive, Horizon Terminals Limited said: "HDTLS is strategically located bordering the Gulf of Aden and Red Sea, which enables it to cater to the growing demand for storage facilities in Djibouti. It is the gateway to a vast potential of land-locked markets including Ethiopia, and also facilitates supplies to East Africa as well as additional neighbouring countries around the Horn of Africa."
"HDTLS operations have been so successful that we have decided to expand our facilities by more than 50% to cater to the additional storage requirements. We are pleased to partner with EBI on this project as we believe their expertise will enable HDTLS to source the right funding to support our expansion and business operations, as well as maintain sustainable growth," added Sultan.
Mahdi Kazim, Senior Manager and Head of Corporate Banking Unit, Emirates Bank International said: "Our agreement with HDTLS ranks at the top-end in terms of deal structure and quality, and reinforces our leadership in the Corporate Market in Dubai. We are very pleased to have been chosen ahead of several other banks. We look forward to working closely with the ENOC group in structuring and executing this financing that will further secure their position in a growing and successful business."
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Horizon Djibouti terminal to expand its capacity by over 50%
- United Arab Emirates: Monday, March 13 - 2006 at 16:35
- PRESS RELEASE
ENOC affiliate, Horizon Djibouti Terminals Ltd (HDTLS) has signed a US $ 21.3 million term facility with Emirates Bank International (EBI) to expand its Djibouti Terminal The second-phase expansion of the Djibouti terminal will see HDTLS's capacity expanded by 131,500 cubic meters (cbm) to 371,150 cbm.
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ABOUT ENOCEstablished in 1993 as a wholly-owned company of the Government of Dubai, ENOC aims to promote the interests of its shareholders through the development of further downstream and upstream activities in the oil and gas sector and beyond and to encourage the economic diversification of Dubai and the rest of the UAE.
Leadership and guidance to ENOC is provided by its Chairman, H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance and Industry.
ENOC actively participates in an increasingly broad range of business ventures. Its joint ventures with major international companies allow partners to pool their technology, know-how and expertise along with their resources to further their commercial success.
Since its inception, ENOC has been guided by its philosophy of quality and professional management based on modern business concepts for commercial success and sustainable growth. Today it is poised to engineer a new and challenging period of growth and diversity.
ENOC's vision is to be the reliable Energy Partner of Choice in each sector in which it operates.
About Horizon Djibouti Terminals SAZF (HDTLS)
Horizon Djibouti Terminals SAZF (HDTLS) was established in June 2003 to provide bulk liquid storage facilities at Djibouti port. The terminal, when complete, will cover nine hectares with reserve land of 7.5 hectares for expansion. On its current expansion, the facility will provide capacity for approximately 371,150 cbm of petroleum products and chemicals.
HDTLS is an associate company of Horizon Terminals Ltd (HTL), an independent terminalling facility set up in April 2003 to cater for the growing regional and international demand for terminalling facilities and management. HTL aims to become a global industry player within five years in the three main focus areas of Singapore, ARA (Amsterdam, Rotterdam and Antwerp) and the Middle East, and in niche markets such as Djibouti.
HTL is currently owned by Emirates National Oil Company (ENOC) but plans are underway to open to large investors with a view to floating on the Dubai Financial Market within five years.
About Emirates Bank International (EBI):
The flagship of the Emirates Bank Group, EBI has emerged as one of the foremost financial institutions in the region. Euromoney - Europe's leading banking, finance and capital markets magazine has ranked EBI as the "Best Bank in the UAE".
For further information, please contact:
Tania Harasimiuk/Patricia Tellis
ASDA'A Public Relations,
Exclusive Affiliate of Edelman PR Worldwide in Middle East and North Africa
Dubai, UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
Posted by Lara Lynn Golden, News EditorMonday, March 13 - 2006 at 16:35 UAE local time (GMT+4)
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