Dubai; September 30, 2012: Emirates National Oil Company (ENOC) has commenced the global implementation of its 'Code of Business Conduct' a comprehensive set of guidelines to promote the highest standards of ethical business, by introducing it at Horizon Singapore Terminals Private Limited (HSTPL) -the Singaporean arm of independent terminalling company Horizon Terminals Limited (HTL), established by ENOC.

A customised 'Code of Business Conduct' created for HTL was rolled out to HSTPL and presented to the company's partners, stakeholders and employees at a ceremony held in Singapore.

HSTPL is situated on Jurong Island, the petrochemical hub of Singapore, and the world's top bunkering port by volume. The terminal caters to the storage, handling and blending requirements of national oil companies, oil majors, traders and bunkering companies, and is designed for multi-berth discharge and loading operations to maximise throughput capacity for its clients.

The ceremony was attended by Saeed Abdullah Khoory, Chief Executive Officer, ENOC; Yusr Sultan, Managing Director of Terminals; Howard Pang, General Manager of HSTPL; Board Members; HSTPL management and staff.

Saeed Khoory said: "With ENOC making strategic global growth, especially through our business entities such as Horizon Terminals Ltd, it is important that we uphold the top-notch standards in doing business across all our markets. As a wholly-owned company of the Government of Dubai, we are committed to uphold integrity and best ethical practices in all our operations regionally and globally."

The 'Code of Business Conduct' builds on the core values that are integral to all of ENOC's operations - Team Work, Integrity, Transparency, Respect and Customer Focus. It outlines ENOC's approach towards fair treatment, environment, health & safety (EHS) standards, quality, workplace conduct, conflicts of interest, business courtesies, intellectual property, information use, trademarks and records management, among others.

Yusr Sultan said: "Horizon Terminals Ltd is a key business of ENOC, which is expanding its footprint across the Middle East, Africa and Southeast Asia, and exploring growth opportunities in other key markets. The HTL Code of Business Conduct will govern all operational and executional aspects of our organisation in line with the international standards set by ENOC.

"Our success over the years is the result of the high standards of integrity that we continue to maintain in our operations. By committing our actions and value systems to this Code of Business Conduct, we are further strengthening our platform for growth and building even stronger bridges with our partners and stakeholders," added Yusr.

To ensure a seamless rollout of the Code at HSTPL, employees were provided with a copy of the Code that spells out clearly the ethical standards and transparency that they must uphold in their relationships with all stakeholders. In addition, supporting materials such as posters and circulars were shared with employees. The reference policies of this Code are also available on the HTL Code of Business Conduct Portal.

Howard Pang said: "Horizon Singapore Terminals Private Limited has continuously upheld the highest standards of integrity across all its operations as strong corporate governance measures are imperative in our business. The introduction of the Code of Business Conduct will further serve as a roadmap for all our staff and reflects our commitment to uphold the highest ethical values"

ENOC has also launched several initiatives to support the implementation of the 'Code of Business Conduct,' such as setting up of an Ethics Hotline and establishing the Business Ethics Committee which is responsible for overseeing various aspects related to 'Code of Business Conduct' applicable to fully owned subsidiaries including HTL. The Committee will also be providing a supervisory role to HTL-managed joint ventures and subsidiaries where the Code is applied.

HSTPL is an integral component of the global pricing mechanism for refined petroleum products in the region.

HTL, the independent terminal arm of ENOC, manages more than 5 million cbm of storage with a network of nine terminals ranging in location from South Korea to Morocco. It provides world-class terminal services for bulk liquids storage as well as a range of value-added logistics services.

About ENOC:
Established in 1993 as a wholly-owned company of the Government of Dubai, ENOC aims to promote the interests of its shareholders through the development of further downstream and upstream activities in the oil and gas sector and beyond, and to encourage the economic diversification of Dubai and the rest of the UAE.

ENOC's vision is to be a leading regional integrated oil & gas group that is highly profitable and socially responsible towards employees, the community and environment. Driving this vision, ENOC is committed to achieving sustainable development and highly profitable growth and serving the growing energy needs of Dubai.

ENOC strives to attract, develop and retain top talent to become the employer of choice, while adopting latest technologies and implementing best practices to achieve world-class performance. ENOC is also focused on meeting and exceeding customer expectations in terms of quality and service, and in maintaining high industry standards with respect to environment, health and safety.

ENOC actively participates in an increasingly broad range of business ventures. Its joint ventures with major international companies allow partners to pool their technology, know-how and expertise along with their resources to further their commercial success.

Since its inception, ENOC has been guided by its philosophy of quality and professional management based on modern business concepts for commercial success and sustainable growth. Today it is poised to engineer a new and challenging period of growth and diversity.

For further information, please contact:
Mohammed Al Tawil / Sheila Baldago
ASDA'A Burson-Marsteller; +9714 4507 600
mohammed.altawil@asdaa.com  / sheila.baldago@bm.com

© Press Release 2012