Horizon Terminals and Taeyoung Industries have inaugurated the Horizon Taeyoung Korea Terminals, the second largest chemical terminal projects in Ulsan, Korea, developed at a total cost of $76 million (Dh279m).
The project is a joint venture of Horizon Terminals, a wholly-owned subsidiary of Enoc, and Taeyoung Industries, one of Korea's leading enterprises. In a bid to increase the terminalling business in the port of Ulsan, Horizon Terminals Limited acquired 50 per cent shares in a terminal company owned by Taeyoung Industries in 2006, to form Horizon Taeyoung Korea Terminals Limited (HTKT).
While the Middle East 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 more than 20 separate pipelines. 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. According to recent estimates, petrochemical imports to Northeast Asia are expected to grow from 25m cubic metres to about 40m cubic metres by 2015.
This tremendous growth, and potential, of the industry in just a span of a few years requires the right supporting infrastructure, such as the Horizon Taeyoung Korea Terminals.
Saeed Abdullah Khoory, Enoc Group Chief Executive, said: "The completion of the project is a significant milestone for us at Enoc Group and Horizon Terminals Limited. We are confident 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 I thank the authorities for their support. We are privileged to play a role in the economic dynamic of the country."
HTKT is also targeting break-bulk cargo into China, and trade in related storage and seasonal distillate storage in Japan. It is also expected to play a role in meeting the dedicated storage needs of petrochemical plants.
"Our strategic alliance with Taeyoung Group has proved beneficial in increasing our terminalling business in Ulsan. I congratulate HTKT management and contractors for successful completion of operations," Khoory said.
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