On August 1, 2024, Ulsan Port Authority (UPA) signed a $17.6 million equity investment agreement with Hyundai Oil Terminal Corporation to establish an alternative marine fuel supply chain centered at Ulsan Port.
This initiative is a continuation of the government’s “Plan to Establish an Alternative Marine Fuel Supply Chain,” announced during an emergency economic ministerial meeting in November 2023. The investment aims to enhance the competitiveness of Korea’s ports by expanding dedicated storage for alternative marine fuels, such as green methanol.
Under this agreement, UPA will utilize 100,000 square killometers (㎘) of the terminal’s storage facilities and work to create green shipping corridors that facilitate the supply of alternative marine fuel to both domestic and international energy companies and shipping lines.
Hyundai Oil Terminal, with UPA’s support, is also investing nearly KRW 300 billion ($219 million) to expand storage facilities at Ulsan’s New Port by 380,000㎘, focusing on chemicals and eco-friendly fuels like green methanol and ethanol. The first phase of this project is expected to be operational by mid-2026.
Once the terminal expansion is completed, Ulsan Port’s annual cargo volume will increase to approximately 2.5 million ㎘, with environmental energy cargo volumes projected to reach 800,000 ㎘ per year.
We will be operating eco-friendly ships based at Ulsan Port, contributing to decarbonization and creating new growth engines for Korea’s shipping and port industry by establishing green shipping corridors between Korea and the U.S
… said Kim Jae-gyun, UPA President
