ULSAN < invest Korea

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.