UAE’s Horizon to build oil terminal in Morocco
Posted: 07 June 2006
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Morocco has awarded a consortium led by UAE Horizon Terminal Limited a licence to build and run an oil terminal at Tangier port, a state port body said.
Under the 25-year licence, the consortium will invest 52 million euros ($66.4 million) to build a petroleum products storage site over 12 hectares with a capacity of 308,000 cubic metres, the Tangiers Mediterranean Special Agency (TMSA) said in a statement.
Horizon Terminal, which owns 34% stake in the consortium, will operate the facility once it goes on stream, it added.
It will have to store at least 20,000 tonnes of petroleum products to be sold to local retailers along with operating facilities offering services for petroleum products ships docking at Tangier port or crossing the Straits of Gibraltar.
The consortium also includes Morocco-based Afriquia SMDC Gas Company and Kuwaiti International Petroleum Group.
Moroccan BMCE subsidiary, BMCE Capital Conseil, said it advised the consortium in drafting the business plan as well as preparing documentation related to contract specifications and negotiations.
The terminal is part of $1.85 billion investment to build Tangier port, officially called Tangier Mediterranean Port, and a related road, highway and railway network as well as free trade zone, officials say.
The construction of the port and related facilities is expected to be completed by the end of next year. It is part of a plan to upgrade Morocco's infrastructure to bolster the economy's competitiveness with investment totalling more than $7 billion over the 2002-2015 period, officials said.
Posted by Editor Offshore Arabia Magazine
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