Horizon Djibouti Terminals Limited

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A consortium led by UAE’s Emirates National Oil Company (ENOC) developed a bulk liquid storage terminal in Doraleh, 10 km from Djibouti Port on the Red Sea, on a build, own and operate (BOO) basis. This new terminal, with an initial capacity of 240,000 cubic meters, was built for the storage and handling of petroleum products, chemicals, vegetable oils and LPG. This terminal primarily served oil companies Shell, Mobil, Total, and ENOC, commercial and non-commercial customers including the US and French navies. The ENOC consortium established Horizon Djibouti Terminals Ltd SAFZ (HDTL) to implement this project. DP World was also one of the promoters of HDTL. However, information on the actual stake of DP World in HDTL was not available from public sources. Further, there was no information on how this project was awarded to the HDTL. The total cost of the project was estimated at US$ 130 million. The project reached financial close in November 2004 after Adu Dhabi Commercial Bank signed a US$ 40 million project finance deal with HDTL. DP World invested US$ 30 million in the project. Construction of this liquid storage terminal began in July 2003. The terminal commenced commercial operations in February 2006. Further expansions were underway and the total capacity of the facility was expected to reach 340,000 cubic meters by July 2007. None None