Singapore-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.