Horizon Terminals Ltd (HTL), the wholly-owned subsidiary of Emirates National Oil Company (ENOC) focused on terminalling operations, has signed a 10-year Islamic term financing facility of US$100 million with Standard Chartered Bank, Emirates NBD and Noor Islamic Bank.
The term partly finances the construction of a second 60 km jet fuel pipeline from the new bulk liquid petroleum terminal in the Jebel Ali Free Zone to the Dubai International Airport, and its associated storage tank farm with 141,000 cubic metres of capacity. The transaction has a dual tranche of USD and AED.
“The new bulk liquid petroleum terminal in Jebel Ali is set to energise Dubai’s fast-growing aviation sector and is of strategic importance to Dubai’s economic diversification initiatives,” said Saeed Abdullah Khoory, ENOC’s Chief Executive Officer. “The Government is focused on further strengthening the city as the region’s tourism and business hub, in which the aviation sector has a key role to play in.
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