Odfjell Terminals Korea and S-OIL seal 10-year storage deal
Published by Oliver Kleinschmidt,
Assistant Editor
Hydrocarbon Engineering,
In the beginning of 2025, Odfjell Terminals Korea (OTK) and S-OIL entered into a milestone 10-year storage contract comprising three tanks (23 990 m3) within OTK’s E5 expansion project.
The contract has represented an important cornerstone for the E5 project and lays the foundation for an exciting strategic partnership between the two companies.
The E5 project involves the development of a new tank pit with 10 carbon steel storage tanks (87 940 m3). Upon completion, the expansion will increase OTK’s total storage capacity by 28%, surpassing 400 000 m3.
The contract with S-OIL is linked to their ground-breaking Shaheen project, a US$7 billion crude-to-chemical facility under construction near OTK. The E5 expansion will be directly connected to Shaheen via a pipeline, enabling exports from Shaheen to global markets via seagoing vessels. This marks a major milestone in the development of Korea’s petrochemical industry, further strengthening Ulsan’s position as a global chemicals hub.
Construction of the E5 expansion is set to commence in the 1H25, with the new tanks expected to be operational by the 2H26.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/06032025/odfjell-terminals-korea-and-s-oil-seal-10-year-storage-deal/
You might also like
Hydrocarbon Engineering Podcast
Mike Logue, Owens Corning Global Business Director – Mechanical Insulation, delves into factors that can support the performance, safety and longevity of insulating systems installed in hydrocarbon processing environments, including cryogenic facilities.
Duqm refinery enhances sulfur processing with IPCO technology
Duqm Refinery has installed three IPCO SG20 drum granulators to process sulfur efficiently and meet SUDIC standards. The advanced system offers high capacity, reduced emissions, and consistent product quality, addressing common challenges in traditional drum granulation with innovative features and simplified, continuous operation.
