Horizon Terminals, a subsidiary of Emirates National Oil Company (ENOC), has opened a US$76 million chemical terminal project in South Korea with its joint venture partner Taeyoung Industries.

 
The Horizon Taeyoung Korea Terminals (HTKT), which becomes the second largest chemical terminal facility in the port of Ulsan, has a capacity of 231,000 cubic metres of petrochemicals with a dedicated 30,000 deadweight tonnage jetty, ENOC announced in a statement.
 
The facility boosts ENOC access to its international key market of Northeast Asia.
 
Petrochemical imports to the region are expected to grow from 25 million cubic metres to approximately 40 million cubic metres by 2015.
 
Horizon Terminals acquired 50 percent shares in a terminal company owned by South Korea’s Taeyoung Industries in 2006 to form Horizon Taeyoung Korea Terminals.