Expansion of Eco-Friendly Energy and Logistics Infrastructure
The nation's first commercial ammonia storage facility will be established in Ulsan.
On October 22 at 3 p.m., Ulsan City will sign a memorandum of understanding (MOU) for investment in the construction of an ammonia storage facility and infrastructure expansion at the mayor's office on the 7th floor of the main building of Ulsan City Hall. The signing ceremony will be attended by Ulsan Mayor Kim Doo-gyeom, Hyundai Oil Terminal CEO Shin Donghwa, and other officials.
Under this agreement, Hyundai Oil Terminal plans to invest a total of 234 billion won in the second phase of the Namshin Port project site in Onsan-eup, Ulju-gun, Ulsan. The investment will cover the construction of two ammonia storage tanks (total capacity of 80,000 KL), a dolphin pier with two berths for 50,000 DWT-class vessels, and an approximately 4-kilometer-long off-site transfer pipeline, all scheduled for completion by December 2028.
Once the project is completed, Ulsan Port will house the nation's first commercial ammonia storage facility, securing the capacity to handle 1.25 million tons of eco-friendly energy cargo annually.
The construction of oil blending facilities that meet international standards and the dolphin pier will also accelerate Ulsan's transformation into an export hub.
In addition, Ulsan citizens will be given hiring priority, which is expected to contribute to local job creation and economic revitalization.
Ulsan City plans to work closely with the company to ensure smooth progress of the project and will spare no administrative support, including assistance with permits and approvals.
Hyundai Oil Terminal CEO Shin Donghwa stated, "This investment will serve as a key driver for Ulsan Port to become a global hub for clean energy and logistics. We will lead the development of eco-friendly fuel supply infrastructure and fulfill our role as a company that grows together with the local community."
Mayor Kim Doo-gyeom said, "With Hyundai Oil Terminal's successive large-scale investments, Ulsan's port competitiveness and eco-friendly energy industry base are being further strengthened. Through active support, Ulsan City will lead the creation of quality jobs and the revitalization of the local economy."
Established in 2012, Hyundai Oil Terminal is a specialized commercial tank terminal operator headquartered in Ulju-gun, Ulsan. The company is currently constructing liquid cargo storage facilities with a total capacity of approximately 300,000 KL as part of the first phase of the Namshin Port project in Ulsan, with an investment of 245 billion won and a target completion date of July next year.
Ulsan City Hall.
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