New Chemical Terminal Planned for Port of Ulsan

Credit: MOL Chemical Tankers
Credit: MOL Chemical Tankers

By The Maritime Executive 11-14-2019 06:29:04

MOL Chemical Tankers, Korea National Oil Corporation and SK Gas have agreed to collaborate on the construction of a chemical terminal in the Port of Ulsan, South Korea.

Singapore-based MOL Chemical Tankers will establish a joint venture company SK Gas named Korea Energy Terminal. The terminal will be a large-scale tank terminal for petroleum products and natural gas, and commercial operation is scheduled to commence in June 2024 with 2.73 million barrels (about 434,000 m3) of tank capacity.

MOL Chemical Tankers transports liquid chemicals, vegetable oils and animal fats and operates a global fleet of more than 80 parcel chemical tankers, including those operated by the 100 percent newly acquired subsidiary MOL Nordic Tankers.

Earlier this year, the company announced its participation in a chemical tank storage terminal Joint venture in the Port of Antwerp. It also announced a strategic alliance with the Netherlands based ISO tank container global operator, Den Hartogh Logistics, early this year.

South Korea, located near China which has the largest chemical consumption in the world, is expected to increase its trading volume of liquid chemicals further, and Ulsan is already the industry’s major center in the country, handling a wide variety of chemicals.