KNOC plans to invest US$1.4 billion in construction of an oil storage and trade center in Ulsan, South Korea, in 2013, which may consolidate Korea’s position as an important petrochemical country in Asia.
The center will include two terminals, with a total storage capacity of 28.4 million barrels, including 990 million barrels of petroleum product storage terminals and 18.5 million barrels of crude oil storage terminals. The petroleum product storage tank will be completed in 2016.
On Tuesday, Suh Moon-kyu, newly appointed chairman and CEO of Korea National Oil Company, said in an interview that the center will be a very important project for the company. Ulsan is a coastal city in the southeast of South Korea. The location is excellent and it can receive imported oil from Canada and the United States.
He also revealed that foreign oil giants and trading companies have already confirmed that they will use the center. Among them, BP, BP, GVB, Gazprom Neft and Bank of China have expressed interest in investing in this project.
The center will include two terminals, with a total storage capacity of 28.4 million barrels, including 990 million barrels of petroleum product storage terminals and 18.5 million barrels of crude oil storage terminals. The petroleum product storage tank will be completed in 2016.
On Tuesday, Suh Moon-kyu, newly appointed chairman and CEO of Korea National Oil Company, said in an interview that the center will be a very important project for the company. Ulsan is a coastal city in the southeast of South Korea. The location is excellent and it can receive imported oil from Canada and the United States.
He also revealed that foreign oil giants and trading companies have already confirmed that they will use the center. Among them, BP, BP, GVB, Gazprom Neft and Bank of China have expressed interest in investing in this project.
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