Korea's National Oil Corporation is set to complete a strategic underground storage facility for crude oil in Ulsan by June 2021.
During a site visit Lee Yeon-kyu, senior manager of KNOC's Ulsan construction office, told reporters that the project is part of the company's plans to replace its aboveground oil storage tanks and build a safe and environmentally friendly underground facility.
Once complete, the cavern will raise the company's total oil storage capacity to 146 million barrels. Currently it has 136 million barrels to stockpile crude oil and refined oil products.
According to KNOC data, once complete, the company will have a total capacity of 16.8 million barrels of underground oil storage in Ulsan.
The facility will stockpile mainly Middle East crude grades such as Saudi Arabia's Arab Extra Light and Oman crude.
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