SK Gas, Korean National Oil and MOL team up on Ulsan chemical terminal development

SK Gas, Korea National Oil Corporation and MOL Chemical Tankers have entered into an agreement to jointly develop a chemical terminal at the Port Ulsan in South Korea.

Under the agreement, the three firms will set up a joint venture called Korea Energy Terminal to develop a chemical terminal with 2.73m barrels of tank capacity. Commercial operations are expected to commence from April 2024.

Korea National Oil and SK Gas have 49.5 percent and 45.5 percent stakes in the joint venture respectively, while MOL Chemical Tankers owns a 5 percent stake.

Last year, MOL Chemical Tankers participated in a chemical tank storage joint venture in Port of Antwerp and it also announced a strategic alliance with the Netherlands-based ISO tank container global operator, Den Hartogh Logistics, earlier this year.

MOL Chemical Tankers currently operates a fleet of more than 80 parcel chemical tankers.