Horizon is pumping in nearly $300 million (€235 million) to expand its terminal in South Korea in April and to build a new facility in Morocco by early 2009.
The Horizon Terminals group, owned by Emirates National Oil Co (ENOC), has already injected $350 million into its Singapore facility, phase three of which will open in March.
It has further invested $400 million into its 1.2 million m3 terminal in Fujairah.
This brings its total investment in Asia, Middle East and Africa to nearly $1 billion, Saeed Khoory, ENOC’s Group CEO, says.
Horizon is also exploring opportunities to build storage facilities in east Africa, Vietnam and China over the medium term.
Horizon is spending $75 million to expand the second phase of its Horizon Taeyoung Korea Terminals in Ulsan, South Korea, slated to open by end-April.
It will have a capacity of nearly 132,000 m3 to store clean oil products and chemicals.
It will also pump $150 million into building the first phase of its Horizon Tangier Terminals in Morocco, scheduled to start operations in Q1 2010.
The facility will have a capacity of 308,000 m3, storing both clean products and fuel oil.