Horizon Terminals Limited 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 US$ 76 million.
The project is a joint venture of Horizon Terminals Limited, 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 percent shares in a terminal company owned by Taeyoung Industries in 2006, to form Horizon Taeyoung Korea Terminals Limited (HTKT).
While the Middle East region 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 over 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 25 million cubic metres to approximately 40 million 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 that 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 indeed privileged to play a role in the economic dynamic of the country.”
HTKT is also targeting break-bulk cargo into China, as well as trade in related storage and seasonal distillate storage in Japan. It is also expected to play a major 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 the port of Ulsan. I take this opportunity to congratulate the HTKT management and all contractors involved in the successful and on-time completion of operations,” Khoory added.
Yusr Sultan, Chief Executive of Horizon Terminals Limited, said: “The project reiterates our confidence in Ulsan as the centre for independent petrochemical storage business in Northeast Asia. HTKT’s goal is to find new ways to better serve our customers. With the completion of the terminal, we are now capable of providing several additional services such as storage and handling, drum packing including container loading, real time access via internet for inventory control, easy and cost efficient utility access, and capability to communicate in five languages.”
HTKT further serves as a prime location for China deliveries as the country’s ports and terminals have been limited. Ulsan has provided an opportunity to provide storage and break-bulk services, becoming very essential given the rise in China’s imports. Ulsan also provides added value to neighboring countries that have limited terminal capacities compared to the size of their petroleum market.
About Horizon Terminals Limited
Horizon Terminals Limited is an independent bulk liquid storage terminalling company established in 2003 by the Emirates National Oil Company. Horizon Terminals’ objective is to expand its network of terminals to capture a growing global demand for independent terminalling facilities and management.
Horizon Terminals currently owns and operates bulk liquid storage terminals in the United Arab Emirates, Saudi Arabia, Djibouti, Morocco, Singapore and South Korea. For more information, please visit our website at www.horizon-terminals.com
About ENOC
Established in 1993 as a wholly-owned company of the Government of Dubai, ENOC aims to promote the interests of its shareholders through the development of further downstream and upstream activities in the oil and gas sector and beyond, and to encourage the economic diversification of Dubai and the rest of the UAE.
ENOC’s vision is to be a leading regional integrated oil & gas group that is highly profitable and socially responsible towards employees, the community and environment. Driving this vision, ENOC is committed to achieving sustainable development and highly profitable growth and serving the growing energy needs of Dubai.
ENCO strives to attract, develop and retain top talent to become the employer of choice, while adopting latest technologies and implementing best practices to achieve world-class performance. ENOC is also focused on meeting and exceeding customer expectations in terms of quality and service, and in maintaining high industry standards with respect to environment, health and safety.
ENOC actively participates in an increasingly broad range of business ventures. Its joint ventures with major international companies allow partners to pool their technology, know-how and expertise along with their resources to further their commercial success.
Since its inception, ENOC has been guided by its philosophy of quality and professional management based on modern business concepts for commercial success and sustainable growth. Today it is poised to engineer a new and challenging period of growth and diversity.
