Korea Development Bank Signs 180 Billion KRW Financing Agreement for Liquid Cargo Storage Facility at Ulsan Port

Agreement Signed with Korea Ocean Business Corporation and Kyobo Life Insurance
"Contributing to Making Ulsan Port a Northeast Asia Energy Hub"

On the 23rd, Korea Development Bank announced that it has signed a financial agreement worth 180 billion KRW with Korea Ocean Business Corporation and Kyobo Life Insurance to support port infrastructure.

Aerial view of Ulsan Port liquid cargo fuel storage facility. Provided by Korea Development Bank

KDB completed the approval of the second project of the 'KDB Smart Ocean Infrastructure Fund Program,' the 'Ulsan Port Liquid Cargo Storage Facility,' and signed the agreement with the two institutions on the same day.

The fund program was launched in June 2023 to support the eco-friendly and smart transformation of ports, the development of port hinterlands, and the establishment of smart logistics centers. It is currently operating with a total of 1.2 billion USD (up to 840 million USD from Korea Development Bank).

This project involves expanding a liquid cargo terminal at Ulsan Namshin Port that can store not only petroleum products but also eco-friendly fuels such as methanol and biofuels. The completion is targeted for the second half of next year.

KDB stated, "This will greatly contribute to making Ulsan Port a Northeast Asia energy hub," and added, "We will continue to actively provide financial support for next-generation port infrastructure to strengthen the global competitiveness of domestic ports."