Some good economic news

Second largest chemical terminal set underway in Ulsan, Korea

Tuesday, May 05, 2009

Some good news comes to Ulsan, as Korea seems to be riding this economic period well, and Ulsan seems to be almost immune to the recession, comes this news.

Emirates National Oil Company’s (ENOC) wholly owned subsidiary Horizon Terminals has set underway the second largest chemical terminal in the port of Ulsan (South Korea) with its JV associate — Taeyoung Industries (Korea). The Horizon Taeyoung Korea Terminals (HTKT) which is worth US$76 million, has an excellent pipeline connectivity to the Ulsan Petrochemical Complex as well as other plants with 20 dedicated pipelines, the ENOC press release addressed. The project raises terminal’s petrochemical capacity from 99,100 cubic metres to 231,000 cubic metres with a dedicated 30,000 DWT jetty. According to the estimates, the petrochemical imports to Northeast Asia are expected to spike from 25 mln cubic metres to 40 million cubic metres. The terminal also serves as a prime location for China deliveries as for China deliveries as the country’s ports and terminals have been limited.