Uri Asset Management Launches First Fund Worth 130 Billion KRW for Eco-Friendly Ship Fuel Infrastructure

An infrastructure fund has been established to build a supply chain for eco-friendly ship fuels.

Woori Asset Management announced on the 31st that it has set up the "Woori Eco-friendly Ship Fuel Infrastructure No. 1 (hereinafter Eco-friendly Ship Fuel No. 1)" fund in collaboration with the Ministry of Oceans and Fisheries, Korea Ocean Business Corporation, Korea Development Bank, and others. The fund aims to respond to the International Maritime Organization (IMO)'s carbon neutrality goals and to finance the establishment of an eco-friendly fuel supply chain.

Eco-friendly Ship Fuel No. 1, totaling 130 billion KRW, will invest in the expansion project of the Ulsan Hyundai liquid cargo terminal. It will expand storage facilities for eco-friendly ship fuels such as LNG and methanol and establish a stable fuel supply chain. Through this, domestic port competitiveness will be strengthened, and proactive infrastructure investment is expected in line with global eco-friendly shipping policies.

Choi Seung-jae, CEO of Woori Asset Management, said, "We expect the fund to contribute to the sustainable growth of the shipping, port, and logistics industries and to changes in global eco-friendly shipping policies."

At the launch and signing ceremony of the "Eco-friendly Ship Fuel Infrastructure Fund" held on January 14, the Ministry of Oceans and Fisheries, Korea Ocean Business Corporation, Korea Development Bank, Woori Asset Management, Kyobo Life Insurance, Hyundai Oil Terminal, and others participated and signed the investment basic agreement and loan agreement for the establishment of the No. 1 fund. Through this agreement, each institution plans to cooperate in building eco-friendly ship fuel infrastructure and financing.