Horizon Terminals Plans New Storage Facility At Tangiers Port
Horizon Terminals, a subsidiary of Dubai’s ENOC, on 14 November announced that it, along with partners Independent Petroleum Group (IPG) of Kuwait and Morocco’s Afriquia SMDC, had signed a 25-year agreement with the Moroccan government to build, own, operate and transfer an international petroleum storage terminal at the new Port of Tangiers. The first phase of the terminal is estimated to cost $66mn and include storage for 300,000 sq ms for petroleum products. Of the total storage volume, 60% will be allocated to bunker products and the remainder used for clean oil delivery into Morocco’s domestic market. Horizon said the new terminal would allow it and its partners to play “a significant role in expanding petroleum-trading activities from this strategic location.” The new port of Tangiers is a $1.6bn development designed to serve Europe, the Americas and North and West Africa. The new terminal will be located within the port and be operated by Horizon Terminals under its international trade name Horizon.
