Singapore’s MOL Chemical Tankers (MOLCT) has agreed to form a joint venture with Korea National Oil Corp. (KNOC) and SK Gas to develop a chemical terminal in the Port of Ulsan, South Korea.

Under the terms of the agreement, MOLCT and SK Gas will invest a total of 616 billion South Korean won in the jv to be known as Korea Energy Terminal (KET).

The facility will provide storage for petroleum products, natural gas and petrochemicals. It is scheduled to start commercial operations in June 2024 with the availability of about 434,000m³, or 2.73 million barrels, of tank capacity.

MOLCT is currently participating in a storage joint venture in the Port of Antwerp in Belgium. The company has taken a 49% stake in SEA-MOL, a jv with SEA Tank Terminal Antwerp, which owns the majority 51% share. SEA-Mol is investing up to €400 million in a multi-modal chemical storage tank terminal and the first phase is expected to be available in mid-2021.

In February, MOLCT formed a strategic alliance with Netherlands-based Den Hartogh Logistics to jointly develop and streamline liquid chemical logistics services.