Oilhub Korea Yeosu Co. (OKYC) was established in November, 2008. The joint venture finished construction of the 8.2 million barrel storage facility by the end of 2012 and Yeosu terminal started commercial operations in April 2013.

History

• Sept. 2007 Signed the MOU for the Yeosu Project
• Sept. 2008 Joint Venture Agreement
• Nov. 2008 Established OKYC, the Joint Venture company
• Jan. 2009-Nov. 2011 Basic engineering and government permission
• Feb. 2011-Dec.2012 Storage facility construction
• Mar. 2013 Started commercial operation

Outline of the Project

(As of December, 2020)

Outline of the Project

JV Partners	JV Company: Oilhub Korea Yeosu Co, Ltd. - KNOC (29%), China Aviation Oil Trading (26%), SK Incheon Petrochem (11%), GS-Caltex (11%), Samsung C&T (10%), Seoul Line Service (8%), LX International (5%)
Site	KNOC Yeosu stockpile site (261,540㎡), near to the second largest petroleum energy and refinery cluster in Korea
Capacity	8.2 million barrels (36 tanks, crude 3.5 mmboe , product 4.7mmboe) Jetty : 4ea (200K, 120K, 80K,10K DWT)

The Ulsan Energy Hub project is intended to build a commercial tank terminal in Ulsan, the largest port for petroleum and chemical logistics in Korea. It is being pursued in two phases. In The first phase(north port), construction of the upper tank terminal is underway. In the second phase(south port), KNOC is considering a new business plan

Outline of the Project

Outline of the Project

Site	Ulsan New Port - Central location among China and Japan and very close to the refinery cluster.(SK Energy & S-Oil) within 3㎞ from oil hub North & South place
Capacity	North Port 5.75mmb (South Port is undecided) - Detail design & Terminal construction : 2020~2024 South Port project : 2024~2030 - Development of a new business model and establishment of a business plan based on new low-carbon projects
Future plan	North Port project - Oil, LNG EPC completion and commercial operation in the second half of 2024 South Port project - Development of a new business model and establishment of a business plan as a comprehensive low-carbon energy terminal

History

• Feb. 2008 Selected as a national project and included in the national energy blueprint
• Feb.-Oct. 2009 Preliminary feasibility study by Korea Development Institute (KDI)
• Jan.-Dec. 2010 Feasibility study by KDI
• July. 2011 Incorporate the Ulsan North & South Port project into the Master Port Plan
• Feb. 2014 Established Korea Oil Terminal Co., Ltd. for the North Port project
• Dec. 2014-May 2015 Established a basic plan for the South Port project
• July.2019 Changed the company name Korea Energy Terminal Co., Ltd for the North Port project
• 2020~24 Design and construction for the North Port project
• 2020~24 Establish new business plan and Preliminary feasibility study
• 2024~30 Design and construction for the South Port project