China Aviation Oil's new oil storage facility in South Korea starts operations

China Aviation Oil (Singapore) Corporation Ltd. (CAO) said that its new oil storage terminal facility built by its joint venture company has commenced operations in South Korea’s Yeosu City.
It took two years for CAO’s associated company, Oilhub Korea Yeosu Co. Ltd. (OKYC) to construct the oil storage terminal with 36 storage tanks with sizes ranging from 6,000 to 80,000 cubic meters, said the company, adding that total cost of construction was about US$500 million.
In a filing with the Singapore Exchange, CAO said that the terminal has the capacity to handle crude oil as well as the complete range of refined petroleum products.
The company further said that CAO, which owns 26% of OKYC, is the joint venture’s second biggest shareholder while the largest shareholder is Korean National Oil Corp. with 29%. Other shareholders include Seoul Line Corp., LG International Corp., Samsung C&T, GS Caltex and SK Energy.
(April 2, 2013)