Dubai: Horizon Terminals Limited (HTL) - a leading subsidiary of Enoc - Independent Petroleum Group of Kuwait (IPG) and Afriquia SMDC of Morocco have signed a contract for a 25-year concession agreement to build, own, operate and transfer (BOT) an international petroleum storage terminal at the new Port of Tangiers in Morocco.
The signing ceremony was held on November 8 at the Government's offices in Rabat and attended by King Mohammad's top adviser Meziane Belfkih, Morocco's Prime Minister Driss Jettou, Enoc's chief executive Hussain Sultan, six other ministers and senior delegates from Enoc, HTL, IPG and Afriquia.
The Port of Tangiers is a new $1.6 billion development aimed at becoming a competitive international port, situated to serve Europe, the Americas and North and West Africa.
The construction of the new storage terminal will ensure that the consortium plays a significant role in expanding petroleum-trading activities from the strategic location, which can serve more than 300 million consumers, through industrial and commercial free zones.
Commenting on the project, Hussain Sultan said: "This is a monumental win for us. Horizon Terminals has established a reputation for investing in and managing petroleum storage terminals near busy shipping lanes.
"Tangiers not only presents such an opportunity, but also shows promise for stable growth in the years ahead."
Morocco's economic development and its fast growing population have resulted in buoyant growth in domestic energy demand.
Recent market research indicates that the demand for petroleum products has been growing at 3 per cent per annum since 2000; and this trend is expected to continue until 2015.
The petroleum storage terminal will be located within the port's perimeter and will be operated and managed by HTL under its international trade name Horizon.
By Staff Reporter
© Gulf News 2006
