Ulsan $800 million Oil terminal Project

Overview:

• The Ulsan $800 million oil terminal project is a plan to develop a large scale commercial oil terminal in Korea to make Ulsan port a competitive world class oil hub.
• The project involves the construction of an oil terminal in the capacity of 9 million barrels in Ulsan north port, with a total capacity that may be expanded up to 18.5 million barrels by the year 2020.
• Korean Oil Terminal is a joint venture company comprised by the Korea National Oil Company (KNOC), Vopak and S-oil, the Korean subsidiary of Saudi Arabia's Aramco.
• The construction companies include Daewoo E&C and SK E&C.

Adam Majeed - Regional editor