A wholly-owned subsidiary of Dubai-based Emirates National Oil Company (ENOC) and Korea's Taeyoung Industries have opened the second largest chemical terminal project in Ulsan, South Korea. Built at an investment outlay of US$76 mln, the project is a joint venture between Horizon Terminals Ltd and Taeyoung Industries. The terminal has excellent pipeline connectivity to the Ulsan Petrochemical Industrial Complex as well as other plants with over 20 separate pipelines. The project is a step forward in the development of the petrochemical storage business in the region due to the strategic location of Ulsan.
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.