MOL Chemical Tankers, Korea National Oil Corporation and SK Gas are working together to develop a chemical terminal in the Port of Ulsan in South Korea.
MOL, along with SK Gas, will invest in Korea Energy Terminal Company, a joint venture company for developing tank terminals. One such project comprises a large-scale tank terminal for petroleum product, natural gas and petrochemical, with a total investment of KRW 616 billion. Commercial operations are scheduled to start in June 2024 with 2.73 million barrels of tank capacity.
Last year, MOL announced its participation in a chemical tank storage terminal IN THE Port of Antwerp as part of its strategy to be a multi-model chemical logistics company.
South Korea 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.
Starting with the Port of Antwerp and followed by the Port of Ulsan, MOL Chemical Tankers are on track to significantly develop their tank terminal business, improving their service range and flexibility to better meet customer demand.