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ENOC Unit and Korean Firm Open Petrochemical Terminal in Ulsan
DUBAI — A unit of Dubai-based Emirates National Oil Company, or ENOC, and a top Korean firm have opened the second largest chemical terminal project worth $76 million in Ulsan, South Korea.
The project is a joint venture of Horizon Terminals Limited, a wholly-owned subsidiary of ENOC, and Korea’s Taeyoung Industries.
In a bid to increase the terminalling business in the port of Ulsan, Horizon Terminals acquired 50 per cent shares in a terminal company owned by Taeyoung Industries in 2006, to form Horizon Taeyoung Korea Terminals Limited.
“The project will open new doors for us in the development of the petrochemical storage business in the region. Ulsan is a strategic location, and we are keen to play a role in the economic dynamic of the country,” said Saeed Abdullah Khoory, ENOC Group Chief Executive Officer.
While the Middle East region remains ENOC’s primary geographic footprint, the group has also been exploring global growth opportunities and partnerships in recent years. Northeast Asia is a key market for ENOC, and Korea — and Ulsan in particular — has served as a key centre for independent petrochemical storage business.
The terminal has excellent pipeline connectivity to the Ulsan Petrochemical Industrial Complex as well as other plants with over 20 separate pipelines.
“Our strategic alliance with Taeyoung Group has proved beneficial in increasing our terminalling business in the port of Ulsan,” Khoory added.
“With the completion of the terminal, we are now capable of providing several additional services such as storage and handling, drum packing including container loading, real time access via internet for inventory control, easy and cost efficient utility access, and capability to communicate in five languages,” said Yusr Sultan, Chief Executive of Horizon Terminals.
With the completion of the project, the terminal’s capacity has increased from 99,100 cubic metres to 231,000 cubic metres with a dedicated 30,000 DWT jetty to meet the growing volumes.
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