Singapore-based MOL Chemical Tankers Pte. Ltd (MOLCT), on 13 November 2019, agreed to enter into a collaboration with Korean companies Korea National Oil Corp. (KNOC) and SK Gas Co., Ltd (SK Gas) to develop a chemical terminal in the Port of Ulsan, South Korea.
Based on the agreement, MOLCT and SK Gas will invest in Korea Energy Terminal Co., Ltd (KET), a joint venture company for developing tank terminals.
MOLCT operates a global fleet of more than 80 parcel chemical tankers, including those operated by the 100% newly acquired subsidiary MOL Nordic Tankers A/S.
With a strategy to be a multi-modal chemical logistics company, last year MOLCT announced its participation in a chemical tank storage terminal joint venture in the Port of Antwerp, one of the most important chemical clusters in the world. MOLCT also announced a strategic alliance with the Netherlands based ISO tank container global operator, Den Hartogh Logistics, early this year.
South Korea, located near China which has the largest chemical consumption in the world, is expected to increase its trading volume of liquid chemicals further, and Ulsan is already the industry’s major centre in the country, handling a wide variety of chemicals.
Starting with the Port of Antwerp and followed by the Port of Ulsan, MOLCT are on track to significantly develop their tank terminal business, improving their service range and flexibility to better meet customer demands.
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/14112019/mol-chemical-tankers-to-collaborate-in-expansion-of-terminal-business/