Korea is advancing its plans to ascertain another marine gasoline provide chain centered on the nation’s Ulsan Port.
The Ulsan Port Authority (UPA) has signed an fairness funding settlement price $17.6 million with Hyundai Oil Terminal Company for the choice marine gasoline provide chain, the port authority stated in a information launch.
Via the settlement, UPA will take part within the terminal enterprise, prioritizing using 100,000 kiloliters of the tank terminal’s storage services. As well as, UPA stated it’ll search to ascertain inexperienced delivery corridors to activate the availability of other marine gasoline to home and overseas vitality firms and world delivery traces.
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Additional, Hyundai Oil Terminal is implementing a brand new terminal funding mission price nearly $219 million (KRW 300 billion). The mission will see storage services at Ulsan’s New Port broaden by 380,000 kiloliters, with the primary section being the storage of chemical compounds and oils, together with eco-friendly fuels akin to inexperienced methanol and ethanol. The primary section will likely be in industrial operation within the first half of 2026, in accordance with the discharge.
Upon completion of the terminal enlargement, Ulsan port’s annual cargo quantity will enhance to roughly 2.5 million kiloliters per yr with environmental vitality cargo volumes anticipated to make up 800,000 kiloliters per yr.
UPA President Kim Jae-gyun stated, “This funding is a part of UPA’s efforts to create another marine gasoline provide chain to satisfy the federal government’s coverage. The settlement additionally marks the primary time that UPA has acquired a direct stake in a tank terminal and its operations”.
“We will likely be working eco-friendly ships primarily based at Ulsan Port, contributing to decarbonization and creating new development engines for Korea’s delivery and port business by establishing inexperienced delivery corridors between Korea and the U.S.,” he added.
The settlement follows a memorandum of understanding signed by UPA and Hyundai Oil Terminal in June, which set forth a strategic collaboration to provide various marine gasoline in Ulsan Port.
In November 2023, the Korean authorities introduced the “Plan to Set up an Various Marine Gas Provide Chain” at its emergency financial ministerial assembly. UPA stated it’s taking the result in strengthen the competitiveness of nation’s ports by increasing storage tanks devoted to various marine fuels, akin to inexperienced methanol.
To contact the writer, e-mail rocky.teodoro@rigzone.com
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