November 14, 2024 [The Korea Times]- Korea has kicked off a new energy storage facility in the southeastern port city of Ulsan, which will serve as a key energy hub for the country, the industry ministry said Thursday.

The Korea Energy Terminal, located 308 kilometers south of Seoul, has begun its commercial operation with a total capacity to store oil and gas equivalent to 4.4 million barrels, according to the Ministry of Trade, Industry and Energy.

The terminal, built by the state-run Korea National Oil Corp. and SK Gas, is Korea’s first energy storage facility to host both oil and gas.

Of the storage capacity, 1.7 million barrels worth have been rented to global crude traders, while the remaining 2.7 million barrels are designated for electricity and industrial use in Ulsan, the ministry added.

“The government will continue to reform regulations and provide supportive measures to strengthen the role of energy terminals in the country,” Second Vice Industry Minister Choe Nam-ho said.

The ministry added that the terminal is expected to expand its portfolio to include hydrogen, ammonia and carbon capture and storage facilities down the road. (Yonhap)

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