Increased demand for bulk liquid storage at its facilities is a result of the upward price trajectory, as customers seek storage provision due to the weakening demand for oil in the wake of the Covid-19 outbreak. Through its wholly owned subsidiary and independent terminal, Horizon Terminals, ENOC Group owns and operates six terminals in the UAE and four in other global markets with a total combined storage capacity of 6.6mn cubic meters (m³) across 346 tanks. Out of this, 4.19mn m3 storage capacity belongs to 211 tanks in the UAE and 2.47mn m3 belongs to 135 tanks outside the UAE.
The advent of International Maritime Organization (IMO) 2020 regulations cutting the allowable sulphur emissions from marine vessels from 3.5% to 0.5%, storage demand for low-sulphur fuel oil (LSFO) is set to increase and remain steady till the end of 2021. Horizon Terminals has prepared for this drastic shift to LSFO by adopting strategies for asset optimization, deploying Operational Excellence Management System (OEMS) for seamless operations as well as ensuring the highest international health, safety, and environment measures in the wake of the current situation.