South Korea has announced plans to construct the world’s fourth largest oil hub to become a major oil trading post with a total capacity of 56.6 million bbl.
Two additional facilities will be finished in 2020, which have a combined capacity of up to 28.4 million barrels of oil, according to the Ministry of Trade, Industry and Energy.
South Korea hopes to have a total capacity of 56.6 million bbl.
This would put the country 4.6 million bbl above Singapore’s capacity.
The trade and energy minister Yoon Sang-jick said the country will invest $1.8 billion in securing the oil storage terminals.