Sign up
Log in Sign up
Thu 27 Sep 2012, 11:55 GMT

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.

BP   Vopak   Republic of Korea  Ulsan (KR) 
Fuel for Thought: LPG report. Lloyd’s Register examines LPG as marine fuel in new research report  

Classification society evaluates LPG emissions benefits, safety considerations and technology readiness for shipping.
Steel-cutting ceremony for vessel with builder's hull no. W0284. Finnlines begins construction of first methanol-capable ro-pax vessel in EUR 500m newbuild programme  

Grimaldi Group subsidiary begins work on Hansa Superstar class ships at Chinese shipyard.
Navios Cyan vessel. Navios Partners takes delivery of LNG- and methanol-ready boxship  

The 7,900-teu Navios Cyan is the first of four newbuildings in the series.
Rendering of a hydrogen energy system. Floating hydrogen power hub validated for grid-independent ship charging at berth  

ELIRE Maritime-led consortium validates modular platform delivering 5MW of clean power without a shoreside grid connection.
Kota Ocean ship-to-ship (STS) LNG bunkering operation. PIL completes first LNG bunkering at Shanghai’s Mingdong Terminal  

Kota Ocean took on 4,300-cbm of LNG during simultaneous cargo operations.
Fully electric passenger ferry render. Estonia orders first fully electric ferry from Polish shipyard CRIST  

Battery-powered vessel designed by LMG Marin will operate on the Virtsu–Kuivastu route from 2028.
Eco Levant vessel. X-Press Feeders trials ethanol-methanol blend in Rotterdam  

Container operator tests 10-90 ethanol-methanol fuel mix aboard Eco Levant vessel.
Venture Energy, CSST and CSTC MoU signing. Venture Energy signs green methanol cooperation agreement  

MoU establishes framework for long-term offtake and capacity development in maritime decarbonisation.
Iberdrola España Onshore Power Supply (OPS). Iberdrola España completes shore power installation at the Port of Pasaia  

Spanish utility installs onshore power supply system, enabling docked vessels to use renewable electricity.
Illustratic image of Itochu's newbuild ammonia bunkering vessel, scheduled for delivery in September 2027. Itochu secures approval for ammonia bunkering trials in Singapore  

Japanese trading house to conduct two-year trial following MPA authorisation.




   Fuels & Propulsion

Ammonia B100 B24 B30 Bio-LNG/LBM Biofuel Biogas Biomethanol Dual-fuel E-fuel E-methane/e-NG Electric Ethanol FAME Green hydrogen Green/e-ammonia HVO Hydrogen LNG LPG Lubes Methanol MGO Nuclear UCOME ULSFO VLSFO Wind power



 Recommended