ULSAN, KOREA - A move to transform the Port of Ulsan into an oil trading hub in Northeast Asia by building a massive oil tank terminal has just begun. The Ulsan Port Authority held on November 27 a groundbreaking ceremony for the first stage project for the North New-Port of Ulsan in which President Park Geun-hye attended and delivered a congratulatory speech.

 

She said, "Brisk oil trade through the port can help Korea's oil and energy industry combine with logistics, trading, and other services to create new markets and jobs. The project can also help the country's financial services move forward."

 

The first-stage project calls for building 68 tanks capable of storing combined 28.4 million tons of crude and other forms of oil and nine berths for oil tankers between 10,000 tons and 300,000 tons in size in the port by 2020 at the cost of 1.64 trillion won.

 

The Ulsan Development Institute estimated that the oil hub, once established, would create 12,000 new jobs, as well as 6.3 trillion won in output and 2.7 trillion won in value added.