Macquarie Korea Asset Management, the Seoul-based investment arm of Macquarie Group, has plans to sell liquid cargo terminal operator United Terminal Korea (UTK) for about 400 billion won ($308 million), according to The Korea Economic Daily.
UTK was founded in 1998 as a 50:50 joint venture between United Arab Emirates’ Emirates National Oil Company and Korea’s construction conglomerate Taeyoung Group. Located in Ulsann — a port city on the southeast coast of Korea — UTK manages tank terminals for liquid cargo, such as oil. The company owns 64 storage tanks.
UTK is equipped with state-of-the-art technologies to handle emergency situations, and all of its tank inventory is managed via computerized monitoring system.
Macquarie acquired UTK in 2017 for more than 100 billion won ($77 million). Since then, Macquarie has more than doubled the tank terminal’s storage capacity to 468,540 kiloliters.