Ulsan Port Authority (UPA) has signed an equity investment agreement worth $17.6 million with Hyundai Oil Terminal Corp. to establish South Korea’s alternative marine fuel supply chain, centered in 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.

Through this agreement, UPA will participate in the terminal business, prioritizing the use of 100,000 kl of the tank terminal’s storage facilities. In addition, UPA will seek to establish green shipping corridors to activate the supply of alternative marine fuel to domestic and foreign energy companies and global shipping lines.

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 kl, 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.

Upon completion of the terminal expansion, Ulsan port’s annual cargo volume will increase to approximately 2.5 million kl per year, with environmental energy cargo volumes expected to make up 800,000 kl per year.

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