Dubai: Horizon Terminals Limited (HTL) and Taeyoung Industries have inaugurated the Horizon Taeyoung Korea Terminals (HTKT), the second largest chemical terminal project in Ulsan, Korea, developed at a total cost of $76 million (Dh279 million).

The project is a joint venture between Horizon Terminals Limited, a wholly-owned subsidiary of Emirates National Oil Company (Enoc), and Taeyoung Industries, one of Korea's leading enterprises. The joint venture is a bid to increase the terminalling business in Ulsan, where HTL acquired a 50 per cent stake in a terminal company owned by Taeyoung Industries in 2006.

The Middle East remains Enoc's primary geographic footprint, but the group has also been exploring global growth opportunities and partnerships in recent years.

Northeast Asia is a key market for Enoc, and Korea has served as a key centre for the independent petrochemical storage business.

The terminal has excellent pipeline connectivity to the Ulsan Petrochemical Industrial Complex as well as other plants with over 20 pipelines.

With the completion of the project, the terminal's capacity has been 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, Northeast Asia's petrochemical imports 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 few years requires the right supporting infrastructure such as the HTKT.

"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," said Saeed Abdullah Khoory, Enoc Group chief executive.

HTKT is also targeting break-bulk cargo destined for 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.

Yusr Sultan, chief executive of HTL, said: "The project reiterates our confidence in Ulsan as the centre for the 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."