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2/26/2014 12:00:00 AM

The Emirate of Fujairah further cemented its place as one of the biggest world oil & gas storage hubs with the unveiling of Emirates National Oil Company’s (ENOC) new $100m oil & gas distribution terminal.His Highness Sheikh Hamad Bin Mohammed Al Sharqi, Member of Supreme Council and Ruler of Fujairah, officially inaugurated the $100 million Horizon Fujairah Distribution Terminal at the opening ceremony.

The new oil terminal built by Horizon Terminals Limited (HTL), the terminals business and wholly-owned subsidiary of ENOC, has a storage capacity of over 240,000 cubic metres and is directly linked to the oil tanker berths in the Port of Fujairah.

His Highness Sheikh Hamad unveiled a commemorative plaque to mark the official inauguration. The ceremony was attended by representatives of the Fujairah Government; Saeed Khoory, chief executive officer, ENOC; Yusr Sultan,managing director - Terminals, ENOC; and the senior management of ENOC and HTL.

Commencing its soft operations in 2013, the oil terminal is the 11th in the portfolio of HTL, and has 10 bays of tanker truck loading racks, associated facilities, an advanced maintenance workshop, and marine receipt and loading pump house. It is fully equipped to meet the growing demand for storing bulk liquid oil products such as fuel oil,naphtha, gasoline, gas oil, jet fuel and LPG, among others.

“We are thankful to His Highness Sheikh Hamad Bin Mohammed Al Sharqi and the Fujairah Government for their visionary guidance and consistent support, which has established the Emirate as one of the key global hubs for the oil and gas storage business. The terminal further strengthens the storage capacity offered by Fujairah, which will serve the needs of the Gulf region that accounts for nearly 50 per cent of the world’s crude oil reserves,” said Khoory.

The second such facility of HTL in Fujairah, the terminal is the company’s sixth in the UAE. Another new terminal is being developed in Jebel Ali with a storage capacity of over 141,000 cubic metres