Thu 27 Sep 2012 11:55

Ulsan storage project to begin next year


New storage hub will consist of two terminals - for petroleum products and crude oil.

Korea National Oil Corp.(KNOC) plans to begin work on a new oil storage and trading hub in Ulsan, its chief executive officer said.

CEO Suh Moon-Kyu is quoted by The Wall Street Journal as saying that the hub will be a 'very important project' for both the city of Ulsan and for the company.

"Foreign oil majors and trading companies will surely want to use the hub," Mr. Suh said, adding that Vopak, Gazprom Neft, BP and Bank of China had already expressed interest in investing in the project.

KNOC said the hub will consist of two terminals and have a total storage capacity of 28.4 million barrels, including a 9.9 million barrel terminal for petroleum products and an 18.5 million-barrel terminal for crude oil.

Plans to start work on the KRW1.6 trillion ($1.4 billion) project are expected to begin next year. The facility for petroleum products is scheduled for competion in 2016.

Mr Suh said commercial operations at an 8.2 million-barrel oil terminal in Yeosu are expected to begin in March.

KNOC has a 29% stake in the terminal. China Aviation Oil Corp. has a 26% stake. SK Energy Co. and GS Caltex Corp. each hold an 11% stake.
Chart showing percentage of off-spec and on-spec samples by fuel type, according to VPS. Is your vessel fully protected from the dangers of poor-quality fuel? | Steve Bee, VPS  

Commercial Director highlights issues linked to purchasing fuel and testing quality against old marine fuel standards.
Ships at the Tecon container terminal at the Port of Suape, Brazil. GDE Marine targets Suape LSMGO by year-end  

Expansion plan revealed following '100% incident-free' first month of VLSFO deliveries.
Hercules Tanker Management and Hyundai Mipo Dockyard sign bunker vessel agreement Peninsula CEO seals deal to build LNG bunker vessel  

Agreement signed through shipping company Hercules Tanker Management.
Illustration of Kotug tugboat and the logos of Auramarine and Sanmar Shipyards. Auramarine supply system chosen for landmark methanol-fuelled tugs  

Vessels to enter into service in mid-2025.
A Maersk vessel, pictured from above. Rise in bunker costs hurts Maersk profit  

Shipper blames reroutings via Cape of Good Hope and fuel price increase.
Claus Bulch Klausen, CEO of Dan-Bunkering. Dan-Bunkering posts profit rise in 2023-24  

EBT climbs to $46.8m, whilst revenue dips from previous year's all-time high.
Chart showing percentage of fuel samples by ISO 8217 version, according to VPS. ISO 8217:2024 'a major step forward' | Steve Bee, VPS  

Revision of international marine fuel standard has addressed a number of the requirements associated with newer fuels, says Group Commercial Director.
Carsten Ladekjær, CEO of Glander International Bunkering. EBT down 45.8% for Glander International Bunkering  

CFO lauds 'resilience' as firm highlights decarbonization achievements over past year.
Anders Grønborg, CEO of KPI OceanConnect. KPI OceanConnect posts 59% drop in pre-tax profit  

Diminished earnings and revenue as sales volume rises by 1m tonnes.
Verde Marine Homepage Delta Energy's ARA team shifts to newly launched Verde Marine  

Physical supplier offering delivery of marine gasoil in the ARA region.

↑  Back to Top


 Related Links