Ulsan Port Authority (UPA) signed an equity investment agreement worth $17.6 million with Hyundai Oil Terminal Corporation on August 1, 2024, to establish Korea’s alternative marine fuel supply chain centered on Ulsan Port.
The investment is a follow-up to the 'Plan to Establish an Alternative Marine Fuel Supply Chain' announced at the government's emergency economic ministerial meeting in November 2023, with UPA taking the lead to strengthen the competitiveness of Korea’s ports by expanding storage tanks dedicated to alternative marine fuels, such as green methanol.
At the same time, Hyundai Oil Terminal, with UPA's contribution, is implementing a new terminal investment project worth nearly $219 million. The project will see storage facilities at Ulsan's New Port expand by 380,000㎘, with the first phase being the storage of chemicals and oils, including eco-friendly fuels such as green methanol and ethanol. It is anticipated that the first phase will be in commercial operation during the first half of 2026.