South Korea on Thursday officially launched its ambitious Northeast Asian oil holding and trading hub project in Yeosu, a city 455 kilometers south of Seoul, said the Ministry of Knowledge Economy.
According to the ministry, foreign companies will invest 271 million U.S. dollars to expand oil storage facilities, owned by the state-run Korea National Oil Cop (KNOC).
The money is to be used for constructing 57 new bunkers and three docks on 211,000 square-meters of unused land to store 6 million tons of oil, the ministry said.
The venture will be jointly run by KNOC and Oil tanking, and other South Korean partners including SK Energy and GS-Caltex will hold a 51 percent stake.
The ministry said that through this project Yeosu city hopes to become a regional oil hub like Singapore's Juong Island and the Gulf Coast of the United States.
Source:Xinhua
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