S-Oil to build second offshore buoy for loading oil in UlsanS-Oil, the nation’s third-largest refiner, said yesterday that it will build its second single-point mooring (SPM) facility on the sea in front of its Ulsan plant. SPM is an offshore-anchored loading buoy that interconnects tankers loading or offloading oil.
The company said it will spend 100 billion won ($90 million) on the construction of the facility and could be completed by late this year. The refiner said that it is building a second SPM because the one it first built in 1980 is becoming antiquated.
The new SPM can transfer 65,000 barrels per hour. It will be equipped with a solar power system to generate its own power.