MOL Chemical Tankers to Co-Develop Terminal at Ulsan Port

first_imgSingapore-based MOL Chemical Tankers (MOLCT) has agreed to enter into a collaboration with South Korean companies Korea National Oil Corporation (KNOC) and SK Gas to develop a chemical terminal in the Port of Ulsan.Under the deal, MOLCT along with SK Gas will invest in Korea Energy Terminal (KET), a joint venture company for developing tank terminals.As informed, the parties will invest a total of of KRW 616 billion (USD 528 million) in the large-scale tank terminal for petroleum, natural gas and petrochemical products.Commercial operation is scheduled to commence in June 2024 with about 434,000 cbm of tank capacity.The move comes in anticipation of a further increase in the trading volume of liquid chemicals in South Korea, with Ulsan being the industry’s major center in the country which handles a wide variety of chemicals.MOLCT operates a global fleet of more than 80 parcel chemical tankers, including those operated by the newly acquired subsidiary MOL Nordic Tankers A/S.Last year, MOLCT announced its participation in a chemical tank storage terminal joint venture in the Port of Antwerp, one of the most important chemical clusters in the world. MOLCT is also part of a strategic alliance with the Netherlands-based Den Hartogh Logistics which aims to develop and streamline liquid chemical logistics services by using tank containers, parcel chemical tankers and a tank terminal.“Starting with the Port of Antwerp and followed by the Port of Ulsan, MOLCT are on track to significantly develop their tank terminal business,” the company said.last_img read more