This investment follows the \u2018Plan to Establish an Alternative Marine Fuel Supply Chain,\u2019 announced at the government\u2019s emergency economic ministerial meeting in November 2023. UPA is at the forefront of efforts to enhance Korea\u2019s port competitiveness by expanding storage for alternative marine fuels, such as green methanol.<\/p>\n
\u201cThis investment is part of UPA\u2019s efforts to create an alternative marine fuel supply chain to fulfil the government\u2019s policy,\u201d said UPA president Kim Jae-gyun. \u201cThe agreement also marks the first time that UPA has acquired a direct stake in a tank terminal and its operations.<\/p>\n
\u201cWe will be operating eco-friendly ships based at Ulsan Port, contributing to decarbonisation and creating new growth engines for Korea\u2019s shipping and port industry by establishing green shipping corridors between Korea and the US.\u201d<\/p>\n
Under the agreement, UPA will have priority access to 100,000Kl2<\/sup> of the tank terminal\u2019s storage facilities. The initiative also seeks to create green shipping corridors, boosting the supply of alternative marine fuels to both domestic and international energy companies and global shipping lines.<\/p>\n Hyundai Oil Terminal, with UPA\u2019s investment, is embarking on a new terminal investment project worth nearly KRW 300 billion (US$219 million). This project will expand storage capacity at Ulsan\u2019s New Port by 380,000Kl2<\/sup>, initially focusing on chemicals and eco-friendly fuels like green methanol and ethanol. The first phase is expected to begin commercial operations in the first half of 2026.<\/p>\n Upon completion, the expanded terminal will increase Ulsan Port\u2019s annual cargo volume to approximately 2.5 million Kl2<\/sup>, with environmental energy cargoes expected to constitute 800,000 Kl2<\/sup> per year.<\/p>\n This announcement follows a memorandum of understanding signed in June between UPA and Hyundai Oil Terminal, establishing strategic collaboration for alternative marine fuel supply at Ulsan Port.<\/p>\n","protected":false},"excerpt":{"rendered":" Ulsan Port Authority (UPA) has signed an equity investment agreement worth US$17.6 million with Hyundai Oil Terminal Corporation to establish Korea\u2019s alternative marine fuel supply chain centred on Ulsan Port.<\/p>\n","protected":false},"author":8,"featured_media":4555,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7,42],"tags":[40,1731,342,1409,1591],"sponsor":[],"class_list":["post-4554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-alternative-fuels-greenport","category-asia-greenport","tag-alternative-fuels","tag-hyundai-oil-terminal-corporation","tag-supply-chain","tag-ulsan-port","tag-ulsan-port-authority"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/posts\/4554","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/comments?post=4554"}],"version-history":[{"count":1,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/posts\/4554\/revisions"}],"predecessor-version":[{"id":4556,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/posts\/4554\/revisions\/4556"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/media\/4555"}],"wp:attachment":[{"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/media?parent=4554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/categories?post=4554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/tags?post=4554"},{"taxonomy":"sponsor","embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport\/wp-json\/wp\/v2\/sponsor?post=4554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}