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  • 2008 September 5 09:26

    South Korea moving ahead with 'oil hub' plans

    South Korea on Thursday officially launched its project to build new oil storage facilities in Yosu, in the south of the country.

    A statement from the Ministry of Knowledge Economy said foreign companies would invest $271 million to expand the terminal, currently owned by the state-run Korea National Oil Cop (KNOC).

    The money is to be used to build new tanks and docks on 211,000 square-meters of unused land.

    According to the Ministry, the facility will be jointly run by KNOC and the international tank terminal operator Oiltanking.

    Other South Korean partners include SK Energy and GS-Caltex.

    South Korea has promoted the Yosu project as part of a bid to become a regional oil hub to compete with Singapore.

    It plans to export oil products stored at the port to northeast Asian countries and the US West Coast.

    Last month South Korea said part of the plan was to establish South Korea as a regional fuel oil hub.

    Lee Jae-Joon, Vice Minister of Knowledge Economy, identified the deep water ports of Yosu and Ulsan, as  “ideal” locations.

    He said the storage facilities at the ports would be expanded to hold a total of 28 million barrels of  oil and oil products.

    Detailed plans for the expansion of Ulsan's storage facilities have yet to be finalised.
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