ULSAN < invest Korea

According to Yonhap News,

As the Ulsan Port Authority (UPA) announced a bid for an engineering service contract for infrastructures to be built in the northern part of the Ulsan New Port, the infrastructure project, aimed at developing the port into an oil hub, will be accelerated.

After the engineering service is completed, the project will begin in the second half of the next year, the UPA expects.

A total of 140 billion won will be injected into building infrastructures including walls and berths and preparing 300,000 square meter-land for the port site.

If completed in 2016 as scheduled, the site will serve as an oil hub, equipped with 9.9 million barrel-oil storage facilities comprised of 42 tanks.

The facilities will enable the Ulsan New Port to have an annual capacity of trading 14 million tons of petroleum products in 2020, the UPA expects.

Source Text

Source: Yonhap News (July 10, 2011)

** This is an English translation of a Korean text.