New oil storage facility in South Korea draws strong interest

A US$500 million commercial oil storage facility in South Korea that recently started operating has drawn strong interest from traders and refiners, with 80% of its capacity already leased out, its top shareholder, Korea National Oil Corp. (KNOC), said.
KNOC owns a 29% stake in the venture and China Aviation Oil (CAO) 26%. Other shareholders include SK Energy, GS Caltex, Samsung C&T Corp., LG International Corp. and Seoul Line Corp.
The facility, called Oilhub Korea Yeosu Co., is located in Yeosu, South Jeolla province, and is the largest commercial oil storage facility in the country, with a capacity of 1.3 million cubic meters. It has 36 storage tanks, ranging in size from 6,000 cubic meters to 80,000 cubic meters.
South Korea is the world’s fifth largest crude oil importer.