ENOC subsidiary to build oil terminal in Malta

Horizon Terminals Limited (HTL), a wholly owned subsidiary of Emirates National Oil Company (ENOC), has identified Malta as the next destination for a Mediterranean terminal.

HTL's new terminal will be located near the Marsaxlokk Port and will have a capacity of 600,000 cubic meters for black and clean products, the company said.

It will have one jetty able to accomodate very large crude carriers (VLCCs) and two for vessels up to 120,000 deadweight ton.

"This is significant move that will consolidate HTL's position as a global leading terminal operator," said Saeed Abdullah Khoory, ENOC's Group Chief Executive.

"ENOC's investment in this facility through HTL, reiterates our confidence in Malta as a strong business model and as our gateway to the European market."

HTL is in the process of obtaining the necessary permits, including the environmental impact assessment permits.  

Work on the site is planned to commence in the second half of 2011.

HTL, the independent terminal arm of ENOC, manages more than five million cubic metres of storage with a network of seven terminals globally.