Emirates National Oil Company’s (ENOC) wholly owned subsidiary Horizon Terminals is to build new infrastructure in Dubai after it secured $100 million (€79 million) financing.
Horizon signed a 10-year Islamic term financing facility with Standard Chartered Bank, Emirates NBD and Noor Islamic Bank.
The funds will go towards the construction of a 60km pipeline that will transport jet fuel from the Jebel Ali Free Zone to Dubai International Airport. A new 141,000m3 tank farm for jet fuel storage will also be built.
With the region’s demand for jet fuel set to dramatically increase in the coming years, ENOC’s CEO Saeed Abdullah Khoory says the new terminal ‘will energise Dubai’s fast-growing aviation sector’.
‘The financing agreement is a strong testament to the local and international banking sector’s confidence in the project’s business model and strong cash flow potential. The new terminal will support the growing needs of Dubai International Airport, the Al Maktoum International Airport and Dubai’s increasing energy needs as it moves towards further economic growth,’ he adds.
The pipeline will be ENOC’s second attached to Dubai International Airport, with commissioning planned to take place in the second half of next year.