Expansion of Eco-Friendly Liquid Cargo Storage Facility Worth 200 Billion KRW in Ulsan

Signed Memorandum of Understanding with Hyundai Oil Terminal Co., Ltd.

"Stepping Stone to Becoming a Northeast Asia Energy Logistics Hub"

Ulsan City has attracted an eco-friendly liquid cargo storage facility worth 200 billion KRW.

On the 7th, Ulsan City announced that it had secured an investment for the expansion of an eco-friendly liquid cargo storage facility from Hyundai Oil Terminal Co., Ltd., a specialized company operating commercial tank terminals.

With this investment attraction, Ulsan City has created an opportunity to stabilize the supply of raw materials for petrochemicals, the nation's top-producing core industry, and accelerate the establishment of an energy logistics hub, enabling it to leap forward as a Northeast Asian energy hub city.

On the 7th at 11 a.m., Ulsan City and Hyundai Oil Terminal Co., Ltd. signed a Memorandum of Understanding (MOU) for the expansion investment of the eco-friendly liquid cargo storage facility at the mayor’s office on the 7th floor of the city hall main building, attended by Ulsan Mayor Kim Doo-gyeom and Hyundai Oil Terminal CEO Shin Dong-hwa, among others.

Kim Doo-kyum, Mayor of Ulsan (fifth from the left), and Shin Dong-hwa, CEO of Hyundai Oil Terminal Co., Ltd. (fourth from the left), are signing a memorandum of understanding for a 200 billion KRW investment to expand eco-friendly liquid cargo storage facilities at Ulsan City Hall on the 7th.

According to this MOU, Hyundai Oil Terminal Co., Ltd. will carry out an expansion investment of 200 billion KRW in eco-friendly liquid cargo storage facilities to expand its global eco-friendly energy storage business.

Additionally, Hyundai Oil Terminal will prioritize hiring Ulsan citizens when recruiting personnel necessary for the expansion investment and future operation of the storage facilities, and cooperate with Ulsan City to create jobs and revitalize the local economy.

Ulsan City also plans to continuously cooperate with Hyundai Oil Terminal Co., Ltd. to successfully promote and stabilize the expansion investment project and actively support administrative processes such as prompt permits and approvals.

Hyundai Oil Terminal Co., Ltd. will invest 200 billion KRW to expand 52 liquid storage tanks with a total capacity of 360,000 tons on a 102,479㎡ site at Namshin Port Pier 1, Onsan-eup, Ulju-gun. The project is scheduled to begin construction in the second half of this year and be completed in the first half of 2026.

Through this expansion investment, Hyundai Oil Terminal plans to provide the best customer service by diversifying the materials and specifications of storage tanks during construction and establishing an eco-friendly system.

In particular, upon completion of the expansion investment in 2026, the total storage capacity will reach 640,000 tons by combining the existing 280,000 tons with the additional 360,000 tons.

Shin Dong-hwa, CEO of Hyundai Oil Terminal, said, “We appreciate Ulsan City’s active cooperation and administrative support for this eco-friendly liquid cargo storage facility investment,” adding, “We will continue to invest in related industries to contribute to the economic development and job creation in the Ulsan region and to the establishment of Ulsan as an eco-friendly energy hub.”

Ulsan Mayor Kim Doo-gyeom said, “I hope Hyundai Oil Terminal grows into the largest liquid logistics company in Northeast Asia through this expansion investment,” and emphasized, “We will devote efforts to making Ulsan a business-friendly city through prompt permits and approvals and aggressive investment attraction activities.”

Hyundai Oil Terminal Co., Ltd., headquartered in Onsan-eup, Ulju-gun, Ulsan, was established in 2012 and recorded sales of 48.7 billion KRW and operating profit of 15.7 billion KRW as of the end of 2022.

This content was produced with the assistance of AI translation services.