ULSAN < invest Korea

The Korea National Oil Corporation (KNOC) and the Ulsan Port Authority (UPA) have signed a memorandum of understanding (MOU) to create an oil hub of Northeast Asia in Ulsan Metropolitan City.

Both parties have agreed to collaborate to foster sites that are needed for the Ulsan North Harbor Project.

To create the hub, KNOC is building oil storage facilities in the North Harbor and South Harbor. The facilities in the North Harbor and South Harbor can store 9.9 million barrels and 18.5 million barrels, respectively.

The project to create an oil hub of Northeast Asia is to construct and operate commercial oil storage facilities that will help transform Korea into a center for oil distribution and financial transactions in Northeast Asia.

Source: Yonhap News (Mar. 5, 2013)

** This article was translated from the Korean.