South Korea's Ulsan Port Authority is looking to accelerate its North East Asia oil hub project and is in talks with various foreign investors.
In an interview with S&P Global Platts, the port authority's president Jong Yeol Kang said that the first phase of the project, referred to as North Port, will have an estimated capacity of 9.9 million barrels and will store clean petroleum products.
Construction is expected to be complete by 2019.
The second phase, called the South Port, will have a capacity of 18.5 million barrels and will store crude oil and dirty petroleum products including bunker fuel.
Platts quotes Kang saying: 'The reclamation of land under North Port has been completed by us. We invested about $10 million to achieve that. Our upper level tank terminal investors will consist of both financial investors and firms with operational-side experience.'
He adds: 'We are targeting to build tank terminals [under North Port] either within this year or by the start of next year. Once that happens, we will release the port infrastructure outline and plan for the second phase and gather investors for it at the same time.'
Once the project is fully complete by 2025 it will double Ulsan's commercial liquid storage capacity.
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