Hyundai wins contract to build Yeosu oil storage hub

South Korea’s Hyundai Engineering and Construction Co. was awarded a contract to build Oiltanking-KNOC Yeosu Co.’s (OKYC) 6 to 9 billion barrel capacity oil storage terminal at Yeosu, a source at Korea National Oil Corp. said. OKYC expects to start operations at the terminal in the first half of 2012, the source added. The terminal’s capacity for clean products, such as gasoline and naphtha, will amount to one-third, while the rest will be for crude oil and dirty products, such as fuel oil, he said. Meanwhile, final investment decision (FID) for the project is still pending. The joint venture planned to complete the FID in May, but it was postponed to August because it has not received government approval. “So, the project is conditional,” the source said. (May 26, 2010)