MOL Chemical Tankers (MOLCT), Korea National Oil Corporation (KNOC) and SK Gas Co., Ltd (SK Gas) have announced a collaboration to develop a chemical terminal in the Port of Ulsan, South Korea. Based on the agreement, MOLCT along with SK Gas will invest in Korea Energy Terminal Co., Ltd (KET), a joint venture company for developing tank terminals.

The tank terminal will accommodate petroleum products, natural gas and petrochemicals, with a total investment amount of KRW 616 billion. Commercial operation is scheduled to commence in June 2024 with 2.73 million barrels (about 434,000 cbm) of tank capacity. 

MOLCT, a leading company in the marine transport of liquid chemicals, vegetable oils, and animal fats, operates a global fleet of more than 80 parcel chemical tankers, including those operated by the 100 per cent 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.

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14th November 2019