ULSAN < invest Korea

(SEJONG = Newsis) The city of Ulsan undertakes its second phase of the project on 19 December to turn the Ulsan port into an oil trading hub in Northeast Asia.

The Ministry of Oceans and Fisheries (MOF) announced on Monday the commencement of the second phase of the project by beginning the construction of the 900 meters of south seawall.

A total of KRW 257.3 billion will be invested in the construction of the seawall.

The Northeast Asia oil hub project was designated as one of 100 major government projects in 2008, and the entire procedure will be divided into two major phases.

The first phase is expected to be completed in 2016, which comprises the constructions of 2.2 km of north seawall and five berth facilities, 295,000 ㎡ of background land and oil storage that is capable of a total of 9.9 million barrels of oil.

The construction of oil storage of 1,850 oil capacity will be completed in 2020.

In the second phase of the project, a total of KRW 2.2 trillion will be invested to build 3.1km of seawall, three berth facilities and 604,000㎡ of background land.

The Ulsan New Port is expected to become one of four oil hub port in the world with the capacity of 28.4 million oil storage.

The MOF allocated KRW 23.2 billion from its budget for 2014 for the construction of south seawall.

ssjun@newsis.com

Source Text

Source: Newsis (Dec. 16, 2013)

** This article was translated from the Korean.