| ENOC sets up independent terminalling company
Posted: 7 April
2003
Horizon Terminals Ltd to be floated within five years
A new independent terminalling company — Horizon Terminals
Limited (HTL) — has been established by Emirates National
Oil Company Ltd (ENOC) LLC to capture growing regional and international
demand for independent terminalling facilities and management.
Initially the company has an authorised capital of US$50 million,
which is fully owned by ENOC. However, the intention is to open
it to large investors and thereafter to float it on the Dubai Financial
Market within five years.
“This move streamlines the current terminalling assets and
management of the ENOC Group and helps us move forward into the
international terminalling arena, which we have identified as a
growth industry,” said Hussain Sultan, Group Chief Executive,
ENOC.
“Horizon Terminals Limited will be independent from ENOC
in marketing its terminalling assets and will pursue a growth policy
by acquiring existing terminals, studying new opportunities and
looking for management contracts of existing terminals.”
HTL’s objective is to set up and develop a network of terminals
by creating, acquiring or managing bulk liquid storage facilities
in the oil, chemical, LPG and vegetable oil sectors, and to be a
global industry player within five years.
“We will seek to be quickly recognised as a regional and
international terminalling player in the industry’s three
prime focus areas of Singapore, ARA (Amsterdam, Rotterdam and Antwerp)
and the Middle East. Simultaneously we will move on to niche markets,
such as Djibouti, which we are investigating as a gateway to the
wider Horn of Africa,” said Sultan.
Jerome F. Gelineau, Chief Operating Officer, Horizon Terminals
Limited, said the company has already embarked on feasibility studies
for projects or expansion in Egypt and Saudi Arabia.
“While these feasibility studies are under way, one of HTL’s
management’s main tasks will be to establish the company as
a guarantee of independence and quality,” said Gelineau.
“We see HTL being positively benchmarked against industry
peers Vopak, Oiltanking, Kinder Morgan, IMTT, ST Services, Petroplus
and Williams by 2007.”
Posted by Richard Price,
Editor Pipeline Magazine
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