The investment follows the "Plan to Establish an Alternative Marine Fuel Supply Chain," introduced during the government’s emergency economic meeting in November 2023. Under this new agreement, UPA will secure 100,000㎘ of storage space at Hyundai Oil Terminal's new tank terminal and focus on establishing green shipping corridors to facilitate alternative marine fuel distribution to domestic and international companies and shipping lines.
Hyundai Oil Terminal’s new terminal project, valued at approximately KRW 300 billion (US$219 million), will expand storage facilities at Ulsan's New Port by 380,000㎘. The initial phase, set for completion in early 2026, will include the storage of chemicals, oils, and eco-friendly fuels. By the project's end, Ulsan Port’s annual cargo volume is expected to reach 25 million ㎘, with 800,000 ㎘ designated for environmental energy cargos.
UPA President Kim Jae-gyun emphasized that this investment aligns with government policy and represents UPA’s first direct stake in a tank terminal operation. He highlighted the importance of eco-friendly shipping and the establishment of green shipping corridors between Korea and the U.S. as pivotal to the decarbonization and growth of Korea's shipping and port industries.
This investment follows a June MoU between UPA and Hyundai Oil Terminal, aimed at strategically advancing the alternative marine fuel supply in Ulsan Port.