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According to Yonhap News,
KD Tank Terminal (KDTT) will spend KRW 37.5 billion to build a biodiesel production plant in Ulsan.
Ulsan-si and KDTT will sign a memorandum of understanding (MOU) on the establishment of a new biodiesel production plant at the City Hall on September 4.
Biodiesel is an eco-friendly fuel made of vegetable oil or animal fat.
As it is chemically similar to petroleum products, it can be used without changing the structure of the existing internal combustion engine.
According to the MOU, KDTT will invest a total of KRW 37.5 billion to build a a biodiesel production plant in the Onsan National Industrial Complex in Ulju-gun.
The plant, with annucal production capacity of 90,000 tons, will begin construction this month on 14,627㎡ of idle land at the current business site with a target completion date set at October next year.
KDTT plans to give priority to Ulsan citizens when hiring new workers necessary for the operation of the new plant and encourage current employees living in other regions to move their address to Ulsan.
The company also will cooperate with the city to create jobs and revitalize the economy by actively using local companies for construction of the factory and establishment of facilities.
The city pledged to cooperate with the KDTT to help implementation of investment in new factories and provide administrative support.v KDTT, established in 2018, is a middle-standing company with a capital of KRW 13 billion and sales of KRW 4.9 billion, with its headquarteres in Ulju-gun, Ulsan.
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Source: Yonhap News (September 4, 2023)
** This article was translated from Korean.