ULSAN < invest Korea

On March 7, Ulsan-si announced that it has attracted an investment worth KRW 200 billion for expansion of eco-friendly liquid cargo storage facilities from Hyundai Oil Terminal, a company specializing in commercial tank terminal operation.

By attracting this investment, the city expects to lay the groundwork for making a leap forward to an energy hub in Northeast Asia, by stabilizing the supply of petrochemical raw materials, the No.1 producer domestically, and accelerating its pursuit of energy logistics hub.

It is scheduled to commence construction in the second half of 2024 and complete construction in the first half of 2026.

Hyundai Oil Terminal plans to diversify storage tank materials and specifications and build an eco-friendly system.

Once the investment in expansion is completed, it will add 360,000 storage capacity to the existing capacity of 280,000 tons, totalling 640,000 tons.

The two sides are slated to sign the MOU for smooth implementation of the project later that day.

Hyundai Oil Terminal, headquartered in Onsan-eup, Ulju-gun, was established in 2012.

As of the end of 2022, it achieved KRW 48.7 billion in sales and KRW 15.7 billion in operating profit.

canto@yna.co.kr

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Source: Yonhap News (March 7, 2024)