By Somalilandtimes network

Signs US $ 21.3 million agreement with Emirates Bank International =

Horizon Djibouti Terminals Ltd (HDTLS), an ENOC affiliate, has signed a US $ 21.3 million term facility with Emirates Bank International (EBI) to expand its Djibouti Terminal.

The second-phase expansion of the Djibouti terminal will see HDTLS’s capacity expanded by 131,500 cubic meters (cbm) to 371,150 cbm.

On completion, HDTLS’s current capacity of 239,650 cbm will go up by more than 50 per cent for storage of petroleum, chemicals, LPG and other liquid products.

Speaking at the signing ceremony, Yusr Sultan, Chief Executive, Horizon Terminals Limited said: "HDTLS is strategically located bordering the Gulf of Aden and Red Sea, which enables it to cater to the growing demand for storage facilities in Djibouti.

"It is the gateway to a vast potential of land-locked markets including Ethiopia, and also facilitates supplies to East Africa as well as additional neighboring countries around the Horn of Africa."

"HDTLS operations have been so successful that we have decided to expand our facilities by more than 50 per cent to cater to the additional storage requirements.

"We are pleased to partner with EBI on this project as we believe their expertise will enable HDTLS to source the right funding to support our expansion and business operations, as well as maintain sustainable growth," said Sultan.

Mahdi Kazim, Senior Manager and Head of Corporate Banking Unit, Emirates Bank International said: "Our agreement with HDTLS ranks at the top-end in terms of deal structure and quality, and reinforces our leadership in the Corporate Market in Dubai.

"We are very pleased to have been chosen ahead of several other banks. We look forward to working closely with the ENOC group in structuring and executing this financing that will further secure their position in a growing and successful business."

Source: AME Info, Mar 13, 2006

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