Oilhub Korea Yeosu Co. (OKYC) was established in November, 2008. The joint venture finished construction of the 8.2 million barrel storage facility by the end of 2012 and Yeosu terminal started commercial operations in April 2013.

History

· Sept, 2007 : Signed the MOU for the Yeosu Project
· Sept, 2008 : Joint Venture Agreement
· Nov, 2008 : Established OKYC, the Joint Venture company
· Jan, 2009 - Nov, 2011 : Basic engineering and government permission
· Feb, 2011 - Dec, 2012 : Storage facility construction
· Mar, 2013 : Started commercial operation

Outline of the Project

Outline of the Project

JV Partners	JV Company: Oilhub Korea Yeosu Co, Ltd. - KNOC (29%), China Aviation Oil Trading (26%), SK Incheon Petrochem (11%), GS-Caltex (11%), Samsung C&T (10%), Seoul Line Service (8%), LX International (5%)
Site	KNOC Yeosu stockpile site (261,540㎡), near to the second largest petroleum energy and refinery cluster in Korea
Capacity	8.2 million barrels (36 tanks, crude 3.5 mmboe , product 4.7mmboe) Jetty : 4ea (200K, 120K, 80K,10K DWT)

The Energy Hub project aims at establishing Korea as a central hub for energy logistics in Northeast Asia by constructing commercial energy storage facilities in Ulsan, Korea's largest port for petroleum and chemical logistics.
The project has been carried out in two phases. In the first phase, the construction of the tank terminal in the North Port of Ulsan was completed and the terminal began commercial operations in 2024. In the second phase, KNOC has been exploring a new business plan in the South Port of Ulsan.

Outline of the Project

Outline of the Project

Kind	North port project	South port project
Operator	Korea Energy Terminal Co., Ltd - KNOC 52.4%, SKgas 47.6%	Development of a new business model and the establishment of a business plan based on new low-carbon projects
Site	Ulsan New Port
Capacity	ㅇ 5.75 million barrels - OIL : 12 tanks, 1.70mmboe - LNG : 3 tanks, 4.05mmboe ㅇ Jetty : 3EA (max 100k DWT)
History	· Feb, 2008 : Selected as one of national projects and included in the National Energy Blueprint · Feb. - Oct., 2009 : A Preliminary Feasibility Study conducted by Korea Development Institute (KDI) · Jan. - Dec., 2010 : A Feasibility Study conducted by KDI · July, 2011 : Incorporating the Ulsan North & South Port project into the Master Port Plan · Feb, 2014 : Establishing Korea Oil Terminal Co., Ltd. for the North Port project · Dec, 2014 - May, 2015 : Establishing a Basic Plan for the South Port project · July, 2019 : Changing the company name of the North Port project to Korea Energy Terminal Co., Ltd. · 2020-2024 : Construction of the North Port project · 2020-2026 : Establishing a New Business Plan and Conducting a Preliminary Feasibility Study · 2026-2031 : Design and construction for the South Port project