15 November 2006
Emirates National Oil Company (Enoc) said it led a group that won a 25 year government concession to build and operate a petroleum storage terminal in Tangiers, Morocco.
Emirates National Oil Company (Enoc) said it led a group that won a 25 year government concession to build and operate a petroleum storage terminal in Tangiers, Morocco.
Emirates National's Hor izon Terminals unit, together with Kuwait based Independent Petroleum Group and Morocco's Afriquia SMDC, will spend $66 million (Dh242m) building 300,000 cubic metres of oil storage space, they said in a joint statement. They will also deliver oil to the Moroccan market.
Horizon aims to invest in and manage "petroleum storage terminals near busy shipping lanes," Hussain Sultan, Emirates National's CEO said in the statement.
"Tangiers not only presents such an opportunity, but also shows promise for stable growth in the years ahead.
© Emirates Today 2006
