Business | Oil & Gas
Enoc consortium to build Morocco oil storage plant
Horizon Tangiers Terminals (HTTL), part of the Horizon Group, is starting construction of a strategic bulk oil storage facility at Morocco's new Tangiers Mediterranean port.
- Staff Report
- Published: 01:26 February 17, 2008
Dubai: Horizon Tangiers Terminals (HTTL), part of the Horizon Group, is starting construction of a strategic bulk oil storage facility at Morocco's new Tangiers Mediterranean port.
Horizon Tangiers Terminal, a consortium of Horizon Terminals Limited (HTL), an Enoc subsidiary, Kuwait-based Independent Petroleum Group (IPG) and Morocco's Afriquia SMDC were awarded the concession to build and operate the bulk fuels terminal by the Tangier Mediterranean Special Agency (TMSA) in 2006.
HTL announced on Saturday that it has awarded the EPC construction contract to the construction division of Bateman Litwin, a leading provider of innovative turnkey solutions for the global oil and gas sector.
The 90-million-euro terminal, to be built in two phases, will ensure a steady supply of bunker products to vessels calling at the Tangier Med port and will provide an important route for diesel and petrol for the Moroccan market.
The first phase, costing approximately 70 million euros, will consist of 370,000 cubic metres of storage and is expected to be completed by mid-2009.
Immediate expansion
"To meet projected demand, we are also looking at an immediate expansion to reach 500,000 cubic metres of storage at an additional investment of about 20 million euros," said Saeed Khoury, Enoc Group Chief Executive.
"With its strategic location at the entrance to the Mediterranean and excellent connections to Eur-ope, Tangier Med port is set to emerge as a major bunkering hub and refuel-ling port in the global ship movement. HTTL will help position Tangier Med as the logistics hub for Eur-ope and will provide cheaper fuel to north Morocco," said Yusr Sultan, CEO of the Horizon Group.
More from Oil & Gas
More from Business
Business Editor's choice
-
Saudi-Bahraini economic ties hit new high
Whilst press reports continue speculating on a possible new political structure defining ties between Saudi Arabia and Bahrain, facts on the ground confirm ever- stronger economic ties between the two neighbours
-
Cupid targets the Fed with early tweets
Declarations range from pure romance to cute overtures and racier fare
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
