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) 
Suezmax crude oil tanker render. Guangzhou Shipyard secures Suezmax order, delivers vessels ahead of schedule  

China State Shipbuilding subsidiary reports nine vessel deliveries in the first quarter of 2026.
Clean ammonia project pipeline chart as of March 2026. Renewable ammonia pipeline grows despite Norway project freeze  

GENA Solutions tracks 325 projects totalling 146 MMT of capacity by 2034 despite execution challenges.
Antwerpen and Arlon naming ceremony. Exmar names world’s first ocean-going ammonia dual-fuel gas carriers in South Korea  

Two 46,000-cbm vessels can reduce CO₂ emissions by up to 90% during navigation.
Fujian province map with highlighted locations. Gulf Marine expands bonded lubricant supply network in China’s Fujian province  

Company adds supply points in Putian, Ningde and Fuqing, covering 20 terminals across the region.
Excelerate Acadia naming ceremony. Bureau Veritas classifies Excelerate Energy’s new 170,000-cbm FSRU Excelerate Acadia  

Vessel built by HD Hyundai Heavy Industries features dual-fuel engines and proprietary regasification system.
Osprey Energy logo. Osprey Energy seeks junior bunker trader to support Cebu trading activities from Netherlands  

Dutch marine fuel supplier targets Cebu region expansion through new training programme for Filipino candidates.
EUA prices dropping graphic. KPI OceanConnect highlights falling EUA prices as opportunity for shipowners to lock in compliance costs  

Marine fuel firm says timing carbon allowance purchases can reduce costs as EU emissions scope expands.
RINA employee in control room. RINA partners with Hanwha Group on battery-hybrid propulsion for ro-ro ferries  

Classification society to provide regulatory compliance verification for hybrid battery systems on newbuilds and retrofits.
Amadeus Titanium vessel. HGK Shipping’s Amadeus Titanium fitted with wind assistance system  

Coastal vessel equipped with VentoFoils at Dutch port to reduce fuel consumption on Covestro routes.
Sebastian Weder, Bunker One. Bunker One expands physical supply operations to Tallinn and Finland  

Marine fuel supplier extends Baltic Sea coverage with new operational presence in Estonia and Finland.




   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