Horizon Terminals, the subsidiary of the Dubai-based company ENOC,
and Korean Taeyoung Industries have jointly opened the 57 million Horizon Taeyoung Korea Terminal in Ulsan, Korea.
In a bid to increase the terminalling business in the port of Ulsan, the joint venture was created as Horizon Terminals acquired 50% shares in a terminal company owned by Taeyoung Industries in 2006.
Seeing Ulsan as a strategic location, Horizon Terminals believes that the project will open new doors for its development in the petrochemical storage business within the region.
While the Middle East region remains Horizon Terminal's primary geographic footprint, the group has also been exploring global growth opportunities and partnerships in recent years.