SPEECH BY MR S ISWARAN, SENIOR MINISTER OF STATE FOR TRADE AND INDUSTRY AT THE OFFICIAL OPENING OF HORIZON SINGAPORE TERMINALS IN SINGAPORE ON THURSDAY, 12 MARCH 2009 ,10.00 AM AT JURONG ISLAND
Mr Saeed
Khoory,
Group Chief Executive Officer of Emirates National Oil
Company (ENOC)
Mr Yusr
Sultan,
Chief Executive
Officer of Horizon Terminals
Limited
Distinguished
guests;
Ladies and
gentlemen;
A very good
morning,
1. It gives me
great pleasure to be with you today to witness the official opening
of Horizon Singapore Terminals on JurongIsland.Although Horizon
Singapore Terminals is relatively new to Singapore, its majority
shareholder, ENOC Group, has been a long-term partner of
Singapore.Looking back, ENOC
made its initial foray into Asia when it established its first
overseas office in Singapore in April 1999.In
the past 10 years, ENOC has experienced significant growth in its
oil trading, marketing and sourcing activities through its office
in
Singapore.
2. Today’s opening marks
yet another significant milestone in the ENOC Group’s investment
presence in Singapore.ENOC, together with its distinguished business partners
from the Middle East, the Netherlands and Korea, has successfully
constructed and implemented its first Asian storage terminal in
Singapore.
3. Boasting a total
storage capacity of 1.2 million cubic metres, this $475 million
terminal is a major break-bulk and transshipment centre for
petroleum and petroleum products. Beyond providing storage
services, the terminal also provides value-added services which
include heating and blending of products such as gasoline and fuel
oil.
4. Logistics has always
been a key competitive advantage for Singapore.We have the
ability to bring
together world-class logistics service providers, manufacturers and
traders from all over the globe, and to provide the infrastructure
and trusted environment they need to successfully manage their
supply chains.
5. Horizon’s new
terminal on JurongIsland is therefore an important addition to
Singapore’s growing logistics infrastructure for petroleum
products, and it reinforces Singapore’s position as one of the
world’s largest oil refining and trading hubs. This facility is
also a strong testimony to the high level of confidence that the
industry has in Singapore as a critical supply chain hub for this
region.
6. I would like to
congratulate the management, staff and partners of Horizon
Singapore Terminals on the opening of its storage terminal. Thank
you for your continued trust and confidence in Singapore. We look
forward to a long and close partnership and wish you every success
in your future business endeavours.
- end -