• Home
• /
• Business

ADCB to finance $40m for Djibouti terminals

The loan will be used to build a Bulk Liquid Storage Terminal at Doraleh village, which is 10 kilometres from Djibouti Port, located on the Red Sea.

Horizon Djibouti Terminals is promoted and managed by Horizon Terminals, which belongs to ENOC. “The move into Djibouti is all about implementing our strategy of becoming a global player in the international terminalling arena. We view Djibouti as a gateway to the wider Horn of Africa,” said Yusr H. Sultan, chief executive, Shipping, Terminalling & LPG.

Construction on the HDTL terminalling facility is in progress and will be completed by June 2005. Project costs are approximately $58 million of which ADCB is funding 70 per cent and is the sole financier.

“We are a dominant player in the oil sector, shipping, civil aviation, chemicals and the LPG industry. We have been able to combine our knowledge and experience in these fields to pull together this loan for Horizon Djibouti Terminals,” said Ahmed Saleh Al Banna, Senior Vice President, Corporate Division (Dubai and Northern Emirates), ADCB.

The terminal will be designed for storage and handling of Jet A1, Mogas, Kerosene, Diesel, Fuel Oil, pressurised mixed LPG, chemicals and edible oils. Catering to the growing demand for storage facilities in Djibouti, the terminal will be strategically located on the Red Sea, which provides the key to vast potential of land locked markets including Ethiopia and will facilitate supplies to East Africa and additional neighbouring countries around the Horn of Africa.

When complete the terminal will provide capacity for approximately 230,600 cbm of petroleum products, 7,700 cbm for easy chemicals and vegetables oils and LPG with a storage capacity of around 1,200 cbm. The project is being managed under the supervision of Group E&C of ENOC and is being co-promoted by ENOC, Independent Petroleum Group SAK in Kuwait, Essence Management Ltd, Boreh International FZE and the government of Djibouti.