Vopak-Horizon Fujairah (VHFL), a flagship joint venture between Holland's Vopak and the United Arab Emirates (UAE)'s Horizon Terminals won a contract to build a liquids terminal for Egypt's Sokhna Bunkering Company (Sonker) at Sokna Port.
Horizon terminals is a wholly-owned subsidiary of the Emirates National Oil Company (ENOC). The new joint venture – Vopak-Horizon-Sokhna Limited (VHSL) – will be 60 percent owned by Sonker with the remaining equity held by VHFL.
The planned terminal, expected to be operational by 2006, will be within Sokhna Port's free zone some 130 kilometers east of Cairo and will be managed by VHFL.
"The terminal will cater primarily to Egypt's growing bunker fuel market as well as support imports of edible oils and petrochemicals, and exports of petrochemical projects currently in development," said VHFL Chairman, Hussain Sultan.
Egypt's current bunker fuel market is worth approximately two million metric tones a year compared to other major world ports, which handle in excess of 10 million metric tones per annum. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
