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The Northeast Asia Oil Hub Project


■ Strong Foundation

The Northeast Asia Oil Hub Project is is a core project of creative economy in energy sector that will make Korea the hub of oil logistics and finance by building and operating oil storage facilities at the North Port of Ulsan with a capacity of 9.9 million barrels and at the South Port with a capacity of 18,5 million barrels. The first phase of the project at the North Port is now under construction of the tank terminal and the second phase of the project at the South Port is under a government feasibility review. Organizations including the Korea National Oil Corporation and the Ulsan Port Authority are implementing the project with the aim to complete it by 2025. Development of supplementary industry including petrochemical industry, petroleum related trade and financial service industry will bring economic benefits, adding high value to the industry.

■ Project Overview

  • ㅇ Location : Ulsan New Port
  • ㅇ Project Period : 2010-2025 (1st Phase: 2010-2019 / 2nd Phase: 2017-2025)
  • ㅇ Total Cost : KRW 2,147.1 billion (1st Phase: KRW 766.6 billion / 2nd Phase: KRW 1,380.5 billion)
  • ㅇ Size : 906,000 ㎡ (1st Phase: 302,000 ㎡ / 2nd Phase: 604,000 ㎡)
  • ㅇ Scale : 2.84 million barrels (1st Phase: 9.9 million barrels / 2nd Phase: 18.5 million barrels)
  • ㅇ Number of Berths : 8 berths / 1 buoy (1st Phase: 5 berths / 2nd Phase: 3 berths / 1 buoy)