Hyundai Oil Terminal to open commercial oil storage facility

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Hyundai Oil Terminal to open commercial oil storage facility

Hyundai Oilbank, Korea’s fourth-largest refiner, said yesterday that its affiliate Hyundai Oil Terminal is starting an oil storage business in Ulsan.

The company invested 100 billion won ($96 million) to build commercial oil storage facilities and finished construction in December after 26 months. Its oil terminal is built on 87,000 square meters (936,460 square feet) of reclaimed land. It has 35 storage tanks that can hold a total of 280,000 kiloliters (74 million gallons) of oil and a port where a 50,000 deadweight tonnage vessel can dock.

The affiliate of Hyundai Heavy Industries said it has already signed a deal with Japanese and Singapore shipping and trading companies for shared use of the facility. In 2012, the company received a 33 billion won investment from Stic Investments, a Seoul-based international private equity business.

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