---

Horizon Singapore Terminals, a subsidiary of Horizon Terminals Limited, the leading terminal operator owned by Emirates National Oil Company (ENOC), has completed the third expansion phase of its bulk liquid storage terminal on Singapore’s Jurong Island.

Horizon Singapore Terminals currently has one of the largest independent bulk liquid storage terminal facilities in the Far East, and is a key partner in the development of Singapore’s oil logistics infrastructure. The terminal plays a vital role in supporting the country’s position as one of the most robust oil trading centres and the largest bunker port in the world. Singapore currently registers almost US$300 billion worth of annual oil trade and more than 30 million metric tonnes of annual bunker fuel oil sales.

At a ceremony held recently in Singapore to mark the completion of expansion, which was attended by Singapore Senior Minister of State for Trade and Industry and distinguished diplomats, Saeed Khoory, ENOC Group Chief Executive, said: “This is a significant milestone for Horizon Terminals Limited as it reinforces our commitment to expanding further to the Far East. This also reiterates our confidence in Singapore as a strong business model, which is today the third largest oil refining and trading hub in the world. We are confident that such investments will put us in good stead in leveraging growth opportunities offered by Singapore’s oil sector.”

“The successful development of a terminal of this size has been made possible through our joint-venture partners in Singapore and all contractors who shared our vision. We thank the Horizon Terminals Limited project team for their exemplary management of the project. Each member of the team has contributed to this accomplishment and this is indeed a triumph of teamwork,” Khoory added.

Constructed at a total cost of US$306 million, the storage terminal comprises 59 bulk liquid storage tanks with sizes ranging from 6,000 cubic metres to 45,000 cubic metres, and four marine jetties. The storage terminal is capable of handling the full range of refined petroleum products and offers a wide range of value-added services with its state-of-the-art heating and blending systems.

Yusr Sultan, Chief Executive of Horizon Terminals Limited said: “The first phase of the terminal was completed in a record 18 months. The ground breaking was in May 2005, while the first vessel was received in October 2006. With the third expansion phase adding 270,000 cubic metres of clean petroleum products storage capacity, the total capacity at the storage terminal now stands at 1.24 million cubic metres.”