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FINANCIAL NEWS
UAE’s Enoc subsidiary launches Tangier oil terminal
20 Feb 2012
(MENAFN) The Emirates National Oil Company (Enoc) said that one of its subsidiaries launched a USD181.54 million terminal in Tangier, Morocco, reported Gulf News.
The company added that its wholly-owned subsidiary Horizon Terminals Limited opened the facility which has the capacity to hold 508,000 cubic meters of petroleum products.
It also said that the terminal has a strategic location on the North African coast at the western entrance to the Strait of Gibraltar, adding that it is only 15 km from the European Union.
Moreover, the petroleum storage terminal can store products including fuel oil, gasoline and gas-oil and has access to road tankers and vessels.
It is worth noting that the terminal will boost the overall social and economic growth of Morocco, increase foreign trade and open up new opportunities for business in the petroleum sector.
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