Dubai firm plans oil terminal at Marsaxlokk
'Gateway to European market'
A subsidiary of the Emirates National Oil Company, owned by the Dubai government, has announced plans to construct a terminal next to Marsaxlokk port.
Horizon Terminals Ltd, which provides terminal services for bulk liquids storage, described Malta as a hub for shipping lines, saying the island was located at the crossroads of some of the world's busiest shipping routes.
In a statement late yesterday evening, HTL said it was in the process of obtaining the necessary permits and going through the environment impact assessment process. It plans to start work in the second half of next year.
It did not give the precise location for the terminal, which it said would have 600,000 cubic metres of storage capacity for black and clean products. It would boast advanced equipment and a jetty for "very large crude carriers" as well as two for vessels with up to 120,000 in dead-weight tonnage.
The company expects the project to generate 600 jobs in the construction phase, 60 to 70 to run the terminal and another 500 to perform related duties, generating about €50 to €60 million a year in government revenue.
"This is a significant move that will consolidate HTL's position as a leading global terminal operator," said company chief executive officer Saeed Abdullah Khoory.
"ENOC's investment in this facility... reiterates our confidence in Malta as a strong business model and as our gateway to the European market."
He said the company was confident that such investments would put it in a good position to take advantage of growth opportunities offered by Europe's oil sector.
Horizon manages more than five million cubic metres of storage with a network of seven terminals spanning from South Korea to Morocco. It describes its terminal services as world-class and also provides a range of value-added logistics services.