Horizon Terminals and Taeyoung Industries open US$ 76 million chemical terminal project.Summary: Horizon Terminals Limited and Taeyoung Industries have inaugurated the Horizon Taeyoung Korea Terminals, the second largest chemical terminal projects in Ulsan, Korea, developed at a total cost of US$ 76 million.
The project is a joint venture of Horizon Terminals Limited, a wholly-owned subsidiary of ENOC ENOC Emirates National Oil Company
ENOC Enterprise Network Operations Center , and Taeyoung Industries, one of Korea's leading enterprises. In a bid to increase the terminalling business in the port of Ulsan, Horizon Terminals Limited acquired 50 percent shares in a terminal company owned by Taeyoung Industries in 2006, to form Horizon Taeyoung Korea Terminals Limited (HTKT).
Horizon Terminals Limited and Taeyoung Industries have inaugurated the Horizon Taeyoung Korea Terminals, the second largest chemical terminal projects in Ulsan, Korea, developed at a total cost of US$ 76 million.
The project is a joint venture of Horizon Terminals Limited, a wholly-owned subsidiary of ENOC, and Taeyoung Industries, one of Korea's leading enterprises. In a bid to increase the terminalling business in the port of Ulsan, Horizon Terminals Limited acquired 50 percent shares in a terminal company owned by Taeyoung Industries in 2006, to form Horizon Taeyoung Korea Terminals Limited (HTKT).
While the Middle East region remains ENOC's primary geographic footprint, the group has also been exploring global growth opportunities and partnerships in recent years. Northeast Asia Often used interchangeably with the term 'East Asia,' Northeast Asia is, as its name implies, in the geographic northeast region of Asia. Being a geographic, rather than a cultural term--as opposed to East Asia, which has varying definitions, some being cultural--Northeast Asia is a key market for ENOC, and Korea - and Ulsan in particular - has served as a key centre for independent petrochemical petrochemical, any one of a large group of chemicals derived from a component of petroleum or natural gas. The cracking processes for manufacturing gasoline produce vast quantities of gaseous hydrocarbons. storage business.
The terminal has excellent pipeline connectivity to the Ulsan Petrochemical Industrial Complex as well as other plants with over 20 separate pipelines. With the completion of the project, the terminal's capacity has increased from 99,100 cubic metres Noun 1. cubic metre - a metric unit of volume or capacity equal to 1000 liters
cubic meter, kiloliter, kilolitre
metric capacity unit - a capacity unit defined in metric terms to 231,000 cubic metres with a dedicated 30,000 DWT DWT
1. deadweight tonnage
2. deadweight tons jetty jetty: see coast protection. to meet the growing volumes. According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. recent estimates, petrochemical imports to Northeast Asia 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 span of a few years requires the right supporting infrastructure, such as the Horizon Taeyoung Korea Terminals.
Saeed Abdullah Khoory, ENOC Group Chief Executive, said: "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."
HTKT is also targeting break-bulk cargo into China, as well as trade in related storage and seasonal distillate dis·til·late
A liquid condensed from vapor in distillation.
a product of distillation. storage in Japan. It is also expected to play a major role in meeting the dedicated storage needs of petrochemical plants.
"Our strategic alliance with Taeyoung Group has proved beneficial in increasing our terminalling business in the port of Ulsan. I take this opportunity to congratulate the HTKT management and all contractors involved in the successful and on-time completion of operations," Khoory added.
Yusr Sultan SULTAN. The title of the Turkish sovereign and other Mahometan princes. , Chief Executive of Horizon Terminals Limited, said: "The project reiterates our confidence in Ulsan as the centre for 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 such as storage and handling, drum packing including container loading, real time access via internet for inventory control, easy and cost efficient utility access, and capability to communicate in five languages."
HTKT further serves as a prime location for China deliveries as the country's ports and terminals have been limited. Ulsan has provided an opportunity to provide storage and break-bulk services, becoming very essential given the rise in China's imports. Ulsan also provides added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
1. One who lives near or next to another.
2. A person, place, or thing adjacent to or located near another.
3. A fellow human.
4. Used as a form of familiar address.
v. countries that have limited terminal capacities compared to the size of their petroleum market.
About Horizon Terminals LimitedHorizon Terminals Limited is an independent bulk liquid storage terminalling company established in 2003 by the Emirates National Oil Company. Horizon Terminals' objective is to expand its network of terminals to capture a growing global demand for independent terminalling facilities and management.
Horizon Terminals currently owns and operates bulk liquid storage terminals in the United Arab Emirates United Arab Emirates, federation of sheikhdoms (2005 est. pop. 2,563,000), c.30,000 sq mi (77,700 sq km), SE Arabia, on the Persian Gulf and the Gulf of Oman. , Saudi Arabia Saudi Arabia (sä`dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. , Djibouti, Morocco, Singapore and South Korea. For more information, please visit our website at www.horizon-terminals.com
About ENOCEstablished in 1993 as a wholly-owned company of the Government of Dubai, ENOC aims to promote the interests of its shareholders through the development of further downstream and upstream activities in the oil and gas sector and beyond, and to encourage the economic diversification of Dubai and the rest of the UAE (Uninterruptible Application Error) The name given to a crash in Windows 3.0. In subsequent versions of Windows, a crash was called a "General Protection Fault," "Application Error" or "Illegal Operation." See crash in Windows and abend. .
ENOC's vision is to be a leading regional integrated oil & gas group that is highly profitable and socially responsible towards employees, the community and environment. Driving this vision, ENOC is committed to achieving sustainable development Sustainable development is a socio-ecological process characterized by the fulfilment of human needs while maintaining the quality of the natural environment indefinitely. The linkage between environment and development was globally recognized in 1980, when the International Union and highly profitable growth and serving the growing energy needs of Dubai.
ENCO ENCO Enterprise Companies strives to attract, develop and retain top talent to become the employer of choice, while adopting latest technologies and implementing best practices to achieve world-class performance. ENOC is also focused on meeting and exceeding customer expectations in terms of quality and service, and in maintaining high industry standards with respect to environment, health and safety.
ENOC actively participates in an increasingly broad range of business ventures. Its joint ventures with major international companies allow partners to pool their technology, know-how and expertise along with their resources to further their commercial success.
Since its inception, ENOC has been guided by its philosophy of quality and professional management based on modern business concepts for commercial success and sustainable growth. Today it is poised to engineer a new and challenging period of growth and diversity.
2009 Al Bawaba (www.albawaba.com)
2009 Al Bawaba (Albawaba.com)
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