Nov 06 2006   Horizon Terminal launches Horizon Taeyoung Korea Terminals estimated at US$ 65 million Horizon Terminal Limited (HTL), an ENOC subsidiary, has recently launched Horizon Taeyoung Korea Terminals, which is the result of a strategic partnership between Horizon and Taeyoung Group, the leading conglomerate in South Korea. This move marks Horizon’s first crucial step in expanding its network terminals in the Port of Ulsan and is in keeping with its overall aim of penetrating the North East Asian market.Commenting on the initiative, Hussain Sultan, ENOC Group Chief Executive and Board Member said: “This is a significant milestone for us as it opens up tremendous opportunities for growth both in South Korea and the region. We are proud to be associated with the Taeyoung Group and I am sure that this alliance will prove beneficial in establishing a base in the Port of Ulsan. This partnership also mirrors the good relationship that the UAE and South Korea enjoy.” In keeping with its aim of growing its terminal business, the new company will embark on a 130,000 m3 expansion to build a dedicated 30,000 DWT jetty at an estimated US$ 65 million. As shareholders of the project, Horizon Taeyoung Group will also provide terminal management and operational expertise. “Korea is the centre for independent petrochemical storage business in Northeast Asia. Besides serving the dedicated storage needs of petrochemical plants, our terminal will target break-bulk cargoes in China, trading related storage and seasonal distillate storage for Japan. In Ulsan, we will be setting the pace for further co-operation with the Ulsan Metropolitan City by way of an M.O.U,” concluded Sultan. As the parent company to HTL, ENOC is one of the most active in Dubai in the energy field and remains committed in its goal to be the energy partner of choice. As part of its future plans, Horizon Taeyoung Korea Terminals will increase its focus from terminals to the energy industry at large. » Back © Copyright 2006, HORIZON TERMINALS