Chemoil and South Korea’s Hanjin Group have jointly submitted an initial project proposal to the local port authority for the construction of the storage terminal to sell the fuel to ship owners at the port of Busan at the southern tip of the peninsula.

CEO Clyde Michael Bandy expects the terminal to have between 230,000m3 and 250,000m3 of storage.

Chemoil has 448,000m3 of storage in Singapore, the world’s largest bunker market. The company is building a terminal with 600,000m3 of capacity in Fujairah, the world’s largest port for oil tankers, in the United Arab Emirates.