FINANCIAL NEWS

Dubai’s Horizon plans $720m expansion

10 Jun 2010

(MENAFN) Horizon Terminals, a unit of Dubai?s Emirates National Oil Company (Enoc), said that it will implement a $720 million expansion and new investment in its facilities, with its own share being more than 45 percent, Gulf News reported.

The expansion will add 20 percent, or a million cubic meters, to the terminalling firm’s operations and is expected to begin in 2012-2013.

Horizon last month said it will add 600,000 cubic meters of storage for black and clean products in Malta, at the crossroads of some of the world’s busiest shipping routes that carry more than 120 million tons of oil products.

A new terminal in Tangiers, Morocco, is also expected to be commissioned later this year, adding a further 20 percent to Horizon’s portfolio. Horizon operates more than 5 million cubic meters of storage in five countries.

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