South Korea wants to build "Northeast Asia oil hub"

South Korean officials said on the 4th that South Korea intends to expand its existing oil reserve facilities through international cooperation and build a “Northeast Asia oil hub” in the country. The project contract will be signed this month and a joint venture will be established in October.
On the 4th, South Korea’s Yonhap News Agency quoted Lee Jae-hoon, an official with the Korean Ministry of Knowledge Economy, as saying that according to plan, the capacity of oil storage facilities in Yeosu and Ulsan in Korea will increase to 28 million barrels.
“Korea is located on the North Pacific Ocean Road. Lishui and Ulsan have deep-water ports and are adjacent to industrial centers in China and Japan. They are ideal for building oil hubs,” said Lee Jae-hoon.
Li Zaixun said that "Korean national oil companies, domestic oil refineries, international tanker transit companies and crude oil merchants will participate in the project cooperation and will sign a contract this month, and they will set up a joint venture in October."
He said that in the first phase of the project, it will invest 320 million U.S. dollars in Lishui, and in December 2011, Lishui's oil storage capacity will be expanded to 6 million barrels. Lishui facilities will be officially put into operation in March 2012. The Ulsan project will start with Lishui in the early stages and a more detailed plan will be issued in the future.
Lee Jae-hoon said that he will decide whether to include Busan in the project plan depending on the progress.

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