Sungun broke ground in July last year for the terminal that includes eleven large- and small-sized storage tanks plus an office complex and other subsidiary facilities.

The company laid a 2.5-kilometer pipeline between Ulsan’s new port and the tank terminal to directly transfer petrochemical and petroleum products from oil tankers to the terminal. It also plans set up a real-time system for monitoring the transport of oil products.

The operation of the tank terminal would be a major step in making Ulsan, located 414 km southeast of Seoul, an oil hub for the Northeast Asian region as planned by the government, the company said.

“Our tank terminal will be a leading piece of the government project to make our country one of the world’s top four oil hubs,” said Ha Jong-su, the chief executive of Sungun.