Port of Ulsan Secures $17.6M Deal to Expand Green Fuel Storage

The Ulsan Port Authority (UPA) in South Korea has entered into a $17.6 million investment agreement with Hyundai Oil Terminal Corporation to establish a supply chain hub for alternative fuels at the port. This deal, reported by Ship Technology, aims to enhance the port's storage capacity for liquified natural gas (LNG) and create distribution corridors to supply other shipping hubs across South Korea.

In addition, Hyundai Oil is investing $219 million to expand storage facilities for oil, green methanol, and ethanol at the port, increasing their combined capacity to 380,000 kiloliters. Once the terminal expansion is completed in 2026, Ulsan Port expects to handle 2.5 million kiloliters of fuel annually.

Ulsan Port has been a leader in the push for sustainable shipping fuels. It was the site where Maersk launched the world’s first methanol-powered container ship in January 2024. Following this, Ulsan hosted the first ship-to-ship methanol bunkering for a large container vessel, marking a significant step in the global adoption of green fuel technology. Maersk plans to introduce 18 methanol-powered container ships by 2025.