Odfjell Terminals Korea and S-OIL Sign Landmark 10-Year Storage Contract
- 20/03/2025
Odfjell Terminals Korea (OTK) and S-OIL have signed a milestone 10-year storage contract, strengthening their strategic partnership and advancing Korea’s petrochemical industry.
As part of OTK’s E5 expansion project, the agreement covers three tanks with a total capacity of 23,990 m³, increasing OTK’s total storage capacity by 28% to surpass 400,000 m³. This expansion marks a significant step in the ongoing development of OTK’s terminal in Ulsan.
The contract is directly linked to S-OIL’s Shaheen project, a US$7 billion crude-to-chemical facility under construction near OTK. The E5 expansion will integrate seamlessly with Shaheen via pipeline, ensuring efficient exports to global markets.
This partnership reinforces Ulsan’s position as a key global chemicals hub, driving growth and innovation in the petrochemical sector.
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