Asia/Pacific News
Storage Boost for Alt Fuels at Ulsan Port
A move to set up an "alternative marine fuel supply chain" in the South Korean port of Ulsan has been announced by its port authority .
A $17.6 million investment by Ulsan Port Authority in partnership with the Hyundai Oil Terminal Corporation has been earmarked for fuel storage.
Under the plan, prioritising existing storage capacity and promoting green shipping corridors to stimulate demand for alternative bunker fuels will go hand-in-hand with a new terminal project from the terminal operator.
"The project will see storage facilities at Ulsan's New Port expand by 380,000 kilolitres, with the first phase being the storage of chemicals and oils, including eco-friendly fuels such as green methanol and ethanol," a statement from the port authority said.
The project's first phase should be operating commercially operation by the first half of 2026.
The collaboration between UPA and HOT, which was first announced in June, is the first time the port authority has taken a direct stake in a terminal and its operations, according to the statement.
