Odfjell Terminals Korea and S-OIL have finalised a ten-year storage contract, marking the beginning of a long-term strategic partnership. This milestone agreement will support growing industrial activity in the Ulsan region and enhance storage capacity for future energy and chemical developments.
As part of the project, OTK will develop a new tank pit featuring ten state-of-the-art carbon steel storage tanks. Once completed, this expansion will increase OTK’s total storage capacity by 28 percent, surpassing 400,000 cubic meters. Three of these tanks will be dedicated to S-OIL’s crude-to-chemical facility, a key component of the Shaheen project, currently under construction near OTK.
Adrian Lenning, managing director of Odfjell Terminals, highlighted the significance of the agreement, stating: “The long-term agreement underscores the growing collaboration between OTK and S-OIL and sets the stage for additional business opportunities in the Ulsan region, driven by new production capacity and trade flows linked to the Shaheen project.”
This partnership reinforces OTK’s position as a key player in the region’s storage and logistics sector, supporting the evolving energy and petrochemical landscape.
For more information visit www.odfjell.com
