Ulsan Port Authority (UPA) has announced that it signed an equity investment agreement worth US$17.6 million with Hyundai Oil Terminal Corporation on 1 August 2024, to establish Korea’s alternative marine fuel supply chain centered on Ulsan Port.
The investment is a follow-up to the ‘Plan to Establish an Alternative Marine Fuel Supply Chain’ announced at the government’s emergency economic ministerial meeting in November 2023, with UPA taking the lead to strengthen the competitiveness of Korea’s ports by expanding storage tanks dedicated to alternative marine fuels, such as green methanol.
Hyundai Oil Terminal
At the same time, Hyundai Oil Terminal, with UPA’s contribution, is implementing a new terminal investment project worth nearly KRW 300 billion (US$219 million).
Upon completion of the terminal expansion, Ulsan port’s annual cargo volume will increase to approximately 2.5 million ㎘ per year with environmental energy cargo volumes expected to make up 800,000 ㎘ per year.
UPA President Kim Jae-gyun said, “This investment is part of UPA’s efforts to create an alternative marine fuel supply chain to fulfill the government’s policy. The agreement also marks the first time that UPA has acquired a direct stake in a tank terminal and its operations.”
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Source: Assafinaonline
