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The Northeast Asia Energy Hub Project

Investment Strength

The Northeast Asia Energy Hub Project 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 8.3 million barrels and at the South Port with a capacity of 16 million barrels. The first phase of the project at (North Port) is scheduled to begin commercial operation in the second half of 2024, while the second phase of the project will proceed gradually depending on the progress of the first phase. Organizations including the Korea National Oil Corporation and the Ulsan Port Authority are implementing the project. In the future, it will bring about high value to the economy through development of such industries as petrochemical industry, petroleum related trade and financial service industry, as well as the petrochemical industry.

Project Overview

Overview of The Northeast Asia Energy Hub Project
Category Total 1st phase (North Port) 2nd phase (South Port)
Scale Berthing facilities 8 berths Berthing facilitiess 6 berths
-100,000 DWT(1 berth)
-60,000 DWT(2 berths)
-10,000 ·30,000 DWT(each 1 berth)
-Dolphin 120,000 DWT(1 berth)
Berthing facilities 2 berths
-200,000 tons (2 berths)
Site 684,000㎡ Site 302,000㎡ Site 382,000㎡
Storage facilities 24.3 million barrels Petroleum products + LNG = 8.3 million barrels Crude oil, etc. 16 million barrels
Total Cost KRW 2,759.5 billion KRW 1,681.1 billion KRW 178.4 billion
Project Period 2013- 2013-2026
(To begin commercial operation by stage from the 2H 2024)
TBD depending on the progress of the 1st stage
* Source : Ulsan Port Authority