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According to Yonhap News,
(SEOUL = Yonhap News) The city of Ulsan kicked off its development project of Northeast Asian oil hub.
The Ministry of Industry, Trade & Energy (MOTIE) announced that it held a ceremony to celebrate the establishment of a joint venture “Korea Oil Terminal Co Ltd” at the Westin Chosun Seoul on January 8.
The participants of the ceremony include Yoon Sang-Jick (Minster of MOTIE), Suh Moon-Kyu (CEO of Korea National Oil Corp), Eelco Hoekstra (Chairman of the Executive Board and CEO of Royal Vopak) and Nasser Al - Mahasher (Representative Director and CEO of S-Oil) and 40 others.
Korea Oil Terminal Co Ltd is a joint venture that involves Korea National Oil Corp (KNOC), Vopak Group and S-Oil Corp. KNOC has a 51 percent stake in the venture, with Vopak holding 38 percent and S-Oil 11 percent.
The company will invest a total of KRW 622.2 billion until 2017 to construct and operate a commercial bulk storage plant with a total capacity of 9.9 million barrels at Ulsan North Port.
The project also features the participation of Vopak Group, the world’s largest independent tank storage provider which is specialized in the storage and handling of liquid chemicals, gasses and oil products, the ministry said.
The Northeast Asian oil hub project is to construct a crude oil storage facility with a total capacity of 36.6 million and an international petroleum exchange in Yeosu and Ulsan. The project aims to help Korea become the world’s fourth-largest oil hub along after the United States, Europe and Singapore.
“The Northeast Asian oil hub project will be a good example of creative economy in the energy field by combining the oil industry with other service industries such as distribution, processing and financial industries.
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Source: Yonhap News (Jan. 8, 2014)
** This article was translated from the Korean.