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.

Monjasa Oil & Shipping Trainee (MOST) trainees. Monjasa opens applications for global trainee programme  

Marine fuel supplier seeks candidates for MOST scheme spanning offices from Singapore to New York.
Singapore's first fully electric harbour tug. Singapore's first fully electric tug completes commissioning ahead of April deployment  

PaxOcean and ABB’s 50-tonne bollard-pull vessel represents an early step in harbour craft electrification.
Fuel for thought: Hydrogen report cover. Lloyd's Register report examines hydrogen's potential and challenges for decarbonisation  

Classification society highlights fuel's promise alongside safety, infrastructure, and cost barriers limiting maritime adoption.
Bureau Veritas and Straits Bio-LNG sign MoU. BV Malaysia partners with Straits Bio-LNG on sustainable biomethane certification  

MoU aims to establish ISCC EU-certified biomethane production and liquefaction facility in strategic alliance.
Molgas Energy logo. Molgas becomes non-clearing member at European Energy Exchange  

Spanish energy company joins EEX as it expands European operations and strengthens shipper role.
Yiannis Diamandopoulos, Elinoil. Diamandopoulos appointed CEO of Elinoil as Aligizakis becomes chairman  

Greek marine lube supplier announces leadership changes following board meeting on 5 January.
Sustainable Marine Fuel Services webinar hosted by BV graphic. Bureau Veritas to host webinar on sustainable marine fuel transition challenges  

Classification society to address regulatory compliance, market trends, and investment strategies in February online event.
Inchcape Shipping Services logo. Inchcape to provide bunkering services from new Indonesian offices  

Port agency establishes presence in key bulk and tanker operation hubs handling 150 calls annually.
CPN launch of B100 marine biodiesel supply in Hong Kong graphic. Chimbusco Pan Nation launches B100 biodiesel supply in Hong Kong  

Bunker tanker Guo Si becomes Hong Kong's first Type II certified vessel for pure biodiesel operations.
Vox Apolonia vessel. Van Oord completes Dutch beach replenishment using 100% bio-LNG  

Dredger Vox Apolonia deposited 1 million cbm of sand at Noord-Beveland beach under Coastline Care programme.




 Recommended