Drawing on the growth of the UAE as a strategic hub for global trade and as part of plans aimed at meeting the fast-growing demand for bulk liquid terminalling, ENOC established Horizon Terminals Limited in 2003. Operating from the UAE as a holding company, Horizon has consolidated the company's existing terminalling investments and is expanding the business globally. Since its incorporation, Horizon Terminals Limited (HTL) has expanded from its terminals in UAE and Saudi Arabia as of 2003, to cover Singapore, South Korea, Djibouti and Morocco. HTL has also strengthened its presence within the UAE through further investments in Dubai and Fujairah.
Horizon aims to become the largest independent terminal service provider for bulk oil storage in the Middle East, Africa and the Mediterranean, while maintaining a leading position in the Far East region. Horizon's terminals can be classified as UAE and International terminals.
|Location||Storage Facility||Capacity in CBM||Tanks|
|Associates and Joint Ventures|
|Saudi Arabia||Petroleum, Chemical||288,828||26|
|South Korea||Petroleum, , Chemical||232,450||41|
|Morocco||Petroleum, , Gas||532,919||19|
|Djibouti||Petroleum, , Gas||399,304||31|
Horizon has petroleum and chemical storage facilities
across the UAE.
The petroleum storage facility based in Fujairah has a capacity of 463,000 cubic metres across 23 tanks. As an independent chemical terminal, our facility in Jebel Ali caters to the widest range of bulk liquid chemical products handled in the region, both for inland consumption and for re-exports. The Jebel Ali facility has a capacity of 54,401 cubic metres in 53 tanks.
EPPCO International Limited (EIL), a joint venture of Horizon with Chevron, caters to domestic fuels namely gasoline, diesel gasoil, fuel oil, asphalt & MC asphalt supplies, the aviation requirements of Dubai & the Northern Emirates, bunkering, re-exports and strategic defence storage. Based in Jebel Ali, EIL has a capacity of 936,755 cubic metres in 55 tanks.
Another prominent venture of Horizon is Vopak Horizon Fujairah Limited (VHFL), which is situated outside the Strait of Hormuz at the entrance to the Arabian Gulf. The facility, which Horizon owns a 33.33% stake in, has deep water berths and SPM able to handle shipments for breakbulk, consolidation, contango, blending and strategic storage. It serves the world's second largest fuel oil bunker market and has pipeline connectivity to the local refinery, neighboring terminal and local power plant. Offering a capacity of 2,130,540 cubic metres in 68 tanks, the facility is accessible by land or sea and handles a range of products, including crude oil and refined petroleum. Vopak Horizon has recently added 478,000 cbm crude capacity, increasing its total capacity to 2.6 million cbm.
The construction of the Jebel Ali facility comprising of 141,500 cubic metre jet A1 tankage capacity and a 58 km pipeline connecting Jebel Ali to Dubai International Airport was completed during 2014. Designed to provide a 850 cubic metre per hour pumping capacity, the pipeline will ensure adequate Jet Fuel supply to Dubai International Airport to facilitate the growth of the aviation sector in the UAE.
Horizon flagship subsidiary Horizon Singapore Terminals Private Limited (HSTPL) incorporated in Singapore is situated on Jurong Island, the petrochemical hub of Singapore and the world's top bunkering port by volume.
The terminal, which Horizon owns 52% of, caters to the storage, handling and blending requirements of national oil companies, oil majors, traders and bunkering companies. It is designed for multi-berth discharge and loading operations to maximise throughput capacity for its clients. The facility offers 1,252,184 cubic metres across 59 tanks.
Horizon has a 36.5% investment in Arabtank Terminals Limited (ATT) situated in Yanbu, Saudi Arabia. ATT is the Kingdom's first independent storage facility and has been granted "bonded storage status". The terminal has a total capacity of 287,600 cubic metres built within 26 tanks. Located on the Red Sea and Suez Canal route, ATT handles import, export, and consolidation and transshipment cargoes. The terminal is also located near the refineries, NGL plant, petro-chemical facilities and industrial complexes of Yanbu to meet their requirements.
Horizon also has a 44% investment in Horizon Djibouti Terminals Limited (HDTL), based in Djibouti. HDTL facilities offer deep water draft dedicated jetties and large tank capacities to meet break-bulk and consolidation of cargoes, contango and arbitrage storage, as well as strategic storage requirements, over and above meeting in-land road deliveries. The terminal has a capacity of 393,304 cubic meters in 31 tanks.
Horizon's joint venture with Taeyoung Industry Corporation, Horizon Taeyoung Korea Terminals Limited (HTKTL), was formed by acquiring a shareholding in Seijin Logistics Limited, renaming it to HTKTL. Given the terminals' requirement of its own 50,000 DWT jetty, HTKTL added additional capacities with an estimate of 132,000 cbm bringing the total capacity to an estimated 230,650 cbm.
The latest addition to Horizon's asset portfolio is Horizon Tangier Terminals SA (HTTSA). HTTSA has a strategic location on the North African coast at the western entrance to the Strait of Gibraltar where the Mediterranean Sea meets the Atlantic Ocean. It has a total capacity of 532,900 cubic metres in 19 tanks along with other supporting infrastructure.
Terminal facilities are impacted by global economic conditions and how those requiring storage facilities react to oil price volatility.
Reliance on product storage requirements that are predominantly determined by industry dynamics such as demand and supply, the segment addresses risk associated with ensuring that operations run seamlessly in a diversified social-political environment.
Concentration within limited markets is also a key risk faced and is relatively beyond the control of business. However, efforts are made to mitigate this risk by long term contractual arrangements and provision of various ancillary services that help in customer retention.
Operations in countries which are susceptible to social and political uncertainties also pose a key threat and these are mitigated by maintaining a close watch on pertinent developments, as well as constant liaison with authorities.
The risk of product spills and adverse impacts on the environment and resultant implication on reputation, business and profitability are key risks with this segment. These are mitigated with the help of adequate operational controls such as automated systems, periodic infrastructure programmes, regular operational audits and other EHS measures.
Competition and credit risk are other major risks and due to the nature of storage operations, these risks have self-mitigating aspects such as high barriers of entry which make it more difficult for competition to establish facilities and in a majority of contracts, lease payments are taken upfront for the storage period coupled with the potential lien on the product in the event of non-recoveries.
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